Adjust basis for IUP

    Hello, I intend to buy an apartment in Santa Maria. The apartment was previously valued very high for property tax purposes (value attributed by the Evaluation Commission). The annual IUP is correspondingly high. Real estate prices have since dropped sharply. I would pay less than half of the "tax value". Is it possible to get a more realistic, up-to-date valuation for the annual IUP? Thanks a lot for your help!
   

    -@Andreas von Duesseldorf

Hi Andreas,

UIP is not based on market value but on the cost of construction of the property and the value of thge land on which it was built. Sal, and in particular Santa Maria, has the highest property values in all of CV.

Exactly where, when and by whom was the property built? You could certainly go into the Camara Municipal and ask for an opportunity to present your claim that the property valuation for UIP may be too high. See what they say. They should at least explain the basis of the valuation by the Commission so you can have an idea of what reason you would suggest that it be changed now.

Let us know what they say. Also, if you are buying an apartment that is worth more than 120,000 euro, you should at least apply for you Green Card residency. The most important thing is that you will need your bank to give you a declaration that says you transferred the money from a foreign bank into your CV bank account for the purpose of buying this apartment.

Regards,

Angelo