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Heritage 2020

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.

Rules of assessment

Real estate of a rural nature will be computed taking as reference the highest value of the following:

  • Cadastral value recorded in the receipt corresponding to the year 2020 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.
  • In construction

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

If you have to list more elements than those contemplated in the program, you can declare them cumulatively in the last box. In this case you will only have to fill in the data related to the description and the rating.

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

In the column corresponding to ownership, the percentage held will be stated.

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 in the Autonomous Community of the Basque Country.
  • Key 3. Property located in Navarra.
  • Key 4 . Property without cadastral reference. 
  • Key 4. Property located abroad.

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

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

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