Real estate Transfer tax in Andalucía has been raised to 8%, 9% and 10% depending on property’s values.

18 Jan Real estate Transfer tax in Andalucía has been raised to 8%, 9% and 10% depending on property’s values.

Since January 1st, 2012 the transfer tax, or Impuesto de Transmisiones Patrimoniales (ITP), applicable to private real estate property sales, has been raised in Andalucía as follows:

1)       8% for the stretch of the value of the real estate property declared in the contract for private sales under EUR 400,000

2)     9% for the stretch of the value of the real estate property that exceeds the amount of Euros 400,000 and is under EUROS 700,000.

3)      10% for the stretch of the value of the real estate property that exceeds the amount of EUROS 700,000.

The same new rates will apply to garages (except for those annexed to houses with a maximum of two units) for the stretch of the following values:

1)       Under EUR 30,000 (8% tax).

2)      Exceeding the amount of Euros 30,000 and is under EUROS 50,000 (9% tax)

3)      Exceeding the amount of EUROS 50,000 (10% tax)