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Thread: Has anyone else had to pay Property Revaluation Tax in Tenerife?

  1. #1

    Has anyone else had to pay Property Revaluation Tax in Tenerife?

    I just wonder if there's anyone else that has been clobbered for this Property Revaluation Tax?
    It's something the authorities can do if you paid under the asking price of your property, they can invoice you up to 4 years after the purchase for their missing 10% on the difference between the paid price and the agent's selling price.
    I paid 30,000€ under, so they want nearly 3,000€ out of me and so far, I've found no way around it.
    Is this just for the English I wonder?
    I hate the thought of being discriminated against, but I don't think the Spanish would pay it, they'd just ignore it I guess and just not pay BUT, I further guess there would then be an embargo on the property in question and the sum would increase at a percentage and further fines for non-payment?
    I'd appreciate anyone telling me of their experience with this so called 'tax' which, to my mind, seems to be a scam? Surely, an item for sale, (either big or small) is only worth what someone's willing to pay for it and if they get a bargain, then it's bully for them, it happens with just about any sale.
    I might add that this revaluation tax was never pointed out to me at all when purchasing my property 4 years ago, plus it seems that estate agents and some solicitors know nothing about it - how convenient!

  2. #2

    Re: Property Revaluation Tax

    Never heard of this one. All sounds a bit suspicious. How can they possibly know what the
    original asking price was - especially from 4 years ago. I would make some serious enquiries
    with your abogado before you cough up any money for this 'tax'. Be interesting to know how
    you get on, Keep us posted.

  3. #3
    HUNSKELPER junglejim's Avatar

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    Re: Property Revaluation Tax

    SuzyQ on here posted about this some time ago , she was billed fromthe Hacienda - pm her she may be able to offer some advice .

  4. #4

    Re: Property Revaluation Tax

    If you pay under what the authorities judge is the market price for a property they have the right to ask for the tax on the difference whether from the buyer or the seller I'm not sure Would guess the buyer as they can embargo the property

  5. #5

    Re: Property Revaluation Tax

    Thank you JungleJim, but according to her page, SuzyQ hasn't been seen on here since September last year.

  6. #6
    Tenerifian

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    Re: Property Revaluation Tax

    Hi, there was a trend a few years ago, where a buyer would pay part cash to the seller, and part via the final sale. Thereby avoiding tax. It maybe that in your case this is what the authorities think happened. I am sure if you produce the original sale particulars and a letter from the original Notary, you will be able to clear it up.

  7. #7

    Re: Property Revaluation Tax

    Thank you JungleJim, but according to her page, SuzyQ hasn't been seen on here since September last year.

  8. #8

    Re: Property Revaluation Tax

    it is quite common. I know of a few who have had this to pay, a good lawyer would of told you it was possible when you purchased.

  9. #9

    Re: Property Revaluation Tax

    Thank you Rickiebear, your suggestion does seem like a logical way to definitely prove the transaction was a legitimate one, but surely my solicitor would have thought of this straight away?
    I have all the documents in a special folder so I could actually prove the purchase was a straight one.
    Interesting food for thought . . . . thank you

  10. #10
    HUNSKELPER junglejim's Avatar

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    Re: Property Revaluation Tax

    From what I remeber [MENTION=50]SuzyQ[/MENTION] paid the asking price but the Hacienda claimed the tax on their estimate which was higher , I think she challenged but can't remember the outcome
    She is also on the Facebook option of the forum - ask there too !

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