Financial Dictionary - Cadastral value
Cadastral value is an administrative indicator often referred to as a home's ID number. It is determined objectively for each property based on the Land Registry records.
This indicator is used to register the home in the cadastral records, and to calculate many of the annual taxes payable by home owners, including property tax (IBI). This is why the cadastral value is a unique, mandatory, individual and free value identified with a specific property.
The cadastral value of properties in a municipality depends, among other things, on the building, its age, the nature of the plot, refurbishments and the current conditions and upkeep of the property.
What factors influence the cadastral value of my home?
- Location of the property: the specific area where the house is located.
- Construction costs of the property.
- Market value of the property.
The objective of cadastral values is to provide consistent values that can be compared with market prices. Two values are considered: the value of the land and the value of the building.
The criteria used in calculating the value of the land are:
- Length and number of facades.
- The depth of the plot.
- Irregular shape.
- The minimum area required by urban planning.
- The impossibility of temporary building due to age.
- Limits due to allocation of the land to building houses under official protection programmes.
The criteria used to assess buildings are:
- Intended use.
- Type of refurbishment and current condition.
The cadastral reference for a property consists of 20 digits, as follows.
Here's an example:
Cadastral number: 8643259CM1234W0123WR
- The first 5 digits (86432) indicate the location of the plot.
- The next 2 digits (59) correspond to the specific property within that group.
- The following two letters (CM) determine the territorial administration and the next 5 digits (1234W) identify the cadastral plan in which the plot is located.
- The next 4 numbers (0123) indicate a specific floor in the building.
- The final letters (WR) are two check digits for validating the information.