It is the first question in any inheritance with a house: how much will I pay? The short answer for most families is: much less than you fear. We explain how it works inheritance tax in the Valencian Community when you inherit a home, with current bonuses and deadlines that you cannot miss.
Who pays and where is it paid?
The inheritance tax is paid by each heir for what they receive, and the regulations of the autonomous community where the deceased had his habitual residence apply.. If the deceased resided in Torrevieja, Orihuela or any Valencian municipality, the regulations of the Valencian Community apply, one of the most advantageous in Spain right now.
The bonus of 99% for immediate family
At the moment, in the Valencian Community the spouse, the children (and descendants) and the parents (and ascendants) enjoy a bonus 99% of the quota. In practice: in a typical family inheritance of a home, is paid 1% what would come out without bonus, in addition to having general reductions due to kinship. Siblings, Nephews and non-relatives do not qualify for this bonus and do bear relevant fees..
The extra reduction for habitual residence
If the house was the habitual residence of the deceased, Direct heirs can also apply a reduction of the 95% of its value (with limit per heir), on condition of maintaining the home during the legal period. Be careful with this requirement if the plan is to sell soon.: It is advisable to calculate what compensates more before signing.
What value is calculated on?
From 2022, The base is at least the cadastral reference value of the property, which you can consult at the Cadastre Headquarters. Can be challenged if it exceeds the actual value, but the practical way is almost always to document the market value well with a professional assessment.
Deadlines: los 6 months that send
The tax is presented in the 6 months following death. You can request an extension from others 6 months, but only within 5 first. Missing the deadline generates increasing surcharges, and not being able to prove the settlement blocks the registration and, with her, any sale.
What if the heir does not reside in Spain?
Non-resident heirs settle before the state Tax Agency, but they have the right to apply the corresponding regional regulations (the valencian, if the deceased resided here or if the main assets are here, depending on the case). That is to say: the bonus of 99% also plays for the son who lives in France or Germany.
Don't forget the municipal capital gains
Apart from successions, The city council liquidates the municipal capital gain on the inherited home, also in 6 months. They are two different taxes with the same clock.
At Mayrasa we work on inheritances with housing every week: we guide you through the steps, we put you in touch with the right professionals through our real estate consultancy y, If the plan is to sell, we take care of all sale. Consult us without obligation.
