Iva on resale property

Posted: Tue May 21, 2019 5:59pm

10 replies618 views5 members subscribed

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Nando

Posts: 12

2 helpful points

Location: Playa Flamenca

Joined: 5 May 2019

Hi could somebody please give me an idea on how much purchase tax I should be paying on a property in playa Flamenca I believe they were selling for 140k but this is rundown and worth100k.. getting conflicting information 8/10%

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Posted: Tue May 21, 2019 6:24pm

Barringtons

Posts: 30

3 helpful points

Location: La Marina

Joined: 11 Jan 2018

Posted: Tue May 21, 2019 6:24pm

nando

unfortunately the government decides the value so be prepared to pay tax on value 140,000

, this happened to us in la marina

barringtons

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Posted: Tue May 21, 2019 6:38pm

Nando

Original Poster

Posts: 12

2 helpful points

Location: Playa Flamenca

Joined: 5 May 2019

Posted: Tue May 21, 2019 6:38pm

Thank you for the reply’s

So the government decides!! I presume this is the “bargain hunters tax” I’m amazed how they get away with this and also question why as this is not encouraging investors like myself

Thanks again

Posted: Tue May 21, 2019 6:48pm

Nando

Original Poster

Posts: 12

2 helpful points

Location: Playa Flamenca

Joined: 5 May 2019

Posted: Tue May 21, 2019 6:48pm

Is it possible to get a definitive price for a property tax so I know what to expect?

Thanks again

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Posted: Tue May 21, 2019 7:04pm

Nando

Original Poster

Posts: 12

2 helpful points

Location: Playa Flamenca

Joined: 5 May 2019

Posted: Tue May 21, 2019 7:04pm

Hi

Did you get taxed at the time of purchase or in the following year? Also how do they work out the property value? Is it the value at the boom or somewhere between boom and bust?

Regards

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Posted: Tue May 21, 2019 7:31pm

Nando

Original Poster

Posts: 12

2 helpful points

Location: Playa Flamenca

Joined: 5 May 2019

Posted: Tue May 21, 2019 7:31pm

Thanks Kim

Everybody’s told 10/15% of purchase price will cover all purchase costs and now I’m hearing that’s not nesasarily the case if the government deems I’ve bought cheap they will come back for what they perceive the property value to be. Scary stuff if your on a tight budget