The increase will affect homes located in 1,567 towns. Local governments have been asking the Tax Agency to review the assessed value of homes for the past three years
City councils are looking for ways to boost revenue, after steadily decreasing levels in recent years, in order to balance their accounts and meet the deficit levels the Treasury requires. For just over three years, local governments have been asking the assessed value of their real estate be updated using the coefficient method, which does a quick study and then applies a percentage of increase or decrease.
The decision will undoubtedly affect payment of property taxes (impuesto de bienes inmuebles – IBI), and must be taken into consideration, especially by those thinking about selling or renting a property.
SOURCES La Vanguardia
