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2018 Wealth Tax

4.2.2. B) Real estate of a rustic nature

In this section, goods of a rustic nature whose ownership corresponds to the declarant must be declared.

VALUATION RULES

Rural real estate will be computed taking as reference the highest value of the following three:

  • Cadastral value recorded in the receipt corresponding to the year 2018 of the Real Estate Tax.
  • Value verified by the Administration for the purposes of other taxes.
  • Price, consideration or acquisition value that will be the result of adding to the actual acquisition amount the cost of investments and improvements as well as expenses and taxes inherent to the acquisition, excluding interest, that have been paid by the acquirer.

Right of bare ownership 

The value of the right of bare ownership will be computed by the difference between the total value of the asset and the value of the usufruct that has been established over it.

In the event that the real right that falls on the property is a lifelong usufruct, which in turn is temporary, the bare property will be valued, applying the usufruct valuation rules, that which attributes the lowest value to the bare property.

To determine the value of the usufruct constituted over the asset, you can see the valuation rules contained in section "M. Real rights of use and enjoyment".

COMPLETION

In column "Key" the ownership of the asset will be indicated according to the following detail:

  • P : if the ownership of the property is in full ownership, even if said ownership is shared.
  • N : if the ownership of the property is constituted by the right of bare ownership over it.
  • M : if the ownership of the property is constituted by a right over it acquired under timeshare contracts, part-time ownership or similar formulas, provided that they involve partial ownership of the property.

If the right held does not entail partial ownership of the property, it must be declared in section "M. Real rights of use and enjoyment".

In the column "Situation" you must select from the following keys the one that corresponds to the location of the property:

  • Key 1. Property with land registry reference located anywhere in Spain, except the Basque Country and Navarre.
  • Key 2 . Property located in the Autonomous Community of the Basque Country or in the Foral Community of Navarra.
  • Key 3 . Property with any of the above statuses but without a land registry reference. 
  • Key 4. Property located abroad.

In column “Cadastral reference” the information that appears on the Real Estate Tax receipt will be recorded.

Likewise, the data referring to its situation must be recorded for each property: municipality and province.

In the column “Value” the value of the property resulting from applying the valuation rules set out above will be indicated.