Catastral Value vs. Market Value: What Applies to the Modelo 210?

Catastral value or market value? Only one applies to your Modelo 210 tax return. Learn which value counts, where to find it, and how the tax is calculated.

Many property owners in Spain — particularly those with a holiday home in Spain — confuse two key terms: the catastral value (valor catastral) and the market value (valor de mercado). For the Modelo 210 tax return – the annual non-resident tax Spain obligation for all non-resident property owners – only the catastral value applies. Not the price your property would fetch on the open market.

This distinction can make a difference of several hundred euros in your tax bill. That is why it is worth understanding both terms properly.

What is the catastral value?

The catastral value (valor catastral) is the official, government-assigned value of a property in Spain. It is determined by the Spanish Cadastre (Catastro) and serves as the tax base for several taxes, including the local property tax (IBI) and the Modelo 210.

Key facts about the catastral value:

It is set by the Catastro based on objective criteria: location, size, year of construction, build quality, and surrounding infrastructure.
It appears on your IBI receipt (local property tax bill), which you receive annually from your municipality. Look for "Valor catastral" or "Valor catastral total".
It is periodically revised. A so-called Ponencia de valores (revaluation) can significantly alter the catastral value.
As a rule, the catastral value is considerably lower than the market value – often considerably below the actual sale price.

What is the market value?

The market value (valor de mercado) is the current price your property would realise on the open market – the amount a buyer would realistically pay.

Where is the market value relevant?

Buying and selling property
Mortgages and bank financing
Inheritance and gift tax (in certain cases)
Wealth tax (Impuesto sobre el Patrimonio)

Where is it NOT relevant?

For the Modelo 210. Only the catastral value applies here.

Why does the Modelo 210 use the catastral value?

The Spanish rules on imputed income for non-residents are based on the catastral value (Valor Catastral). For non-resident owners who use their Spanish property for personal purposes (i.e. do not rent it out), a so-called imputed income tax (renta imputada) is calculated.

The formula is clearly defined:

Tax base = Catastral value × Imputation rate

The imputation rate is (source: DA 55 LIRPF / AEAT Manual Renta 2025 §7.3.4):

1.1% – if the catastral value was revised, updated or newly set on or after 1 January 2012
2.0% – if the last revision was before 1 January 2012

The applicable tax rate is then applied to this base:

19% for taxpayers resident in EU/EEA countries (Germany, Austria, etc.)
24% for taxpayers resident in third countries (e.g. Switzerland, the UK post-Brexit)

Worked example

Consider a typical scenario: you own a flat in Mallorca with a catastral value of €150,000. The catastral value was revised on or after 1 January 2012, and you are tax-resident in Germany.

Step	Calculation	Result
Catastral value	given	€150,000.00
Imputation rate	1.1%
Tax base	150,000 × 1.1%	€1,650.00
Tax rate (EU)	19%
Tax liability	1,650 × 19%	€313.50

Had you used the market value instead (say, €450,000), the tax base would be €4,950 and the tax liability €940.50 – nearly three times as much. The difference is significant.

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Where can I find my catastral value?

There are several ways to determine your catastral value:

IBI receipt (local property tax bill): The simplest source. Look for the field "Valor catastral" or "Valor catastral total". You receive the IBI bill annually from your local council (Ayuntamiento).
Sede Electrónica del Catastro: On the Spanish Cadastre website (catastro.hacienda.gob.es) you can look up the catastral value online – provided you have a digital identification. You can also file the Modelo 210 online via the AEAT portal.
Title deed (Escritura de compraventa): In some cases, the catastral value is also stated in the notarial purchase deed.
With Fiscaro: Simply enter the catastral value in our tax calculator – we compute your tax liability automatically.

Common mistakes with the Modelo 210

We see these three errors time and again:

1. Using the market value instead of the catastral value The most common mistake. Anyone who uses their property's market price as the tax base ends up paying considerably more tax than necessary. The AEAT does not actively check for overpayments – but you are giving away money for nothing. → Modelo 210 Costs Compared

2. Using an outdated catastral value Always use the current catastral value for the relevant tax year. The value can change following a revaluation (Ponencia de valores). Check your IBI receipt each year.

3. Selecting the wrong imputation rate The 2.0% rate applies when the last catastral revision was before 1 January 2012. What matters is the "Año de revisión" shown on your IBI bill. If the last revision was before 2012, the rate is 2.0% — otherwise 1.1%.

What Documents Do I Need for the Modelo 210?

To file the Modelo 210, you will need:

IBI bill — contains the catastral value and Referencia Catastral
NIE number — Spanish tax identification number, mandatory
Purchase deed (Escritura) — needed if no catastral value is available
Bank details — for tax payment via SEPA direct debit

Fiscaro's wizard guides you through every step — all required information is requested during the process. All relevant deadlines can be found in the tax calendar.

Where Do I Find the Catastral Value on My IBI Bill?

The catastral value (valor catastral) appears on your annual IBI property tax bill — usually labelled "Valor Catastral" in the middle of the document. Next to it you will find the Referencia Catastral, the 20-digit property reference number.

If you do not have a current IBI bill to hand, the catastral value can also be looked up online via the Sede Electrónica del Catastro — you will need either the Referencia Catastral or the exact property address.

Conclusion

For the Modelo 210 tax return, only the catastral value applies – never the market value of your property. You can find the catastral value on your IBI receipt or via the Catastro website. With the correct value and the right imputation rate, your tax liability can be calculated in a matter of minutes.

Fiscaro as an Alternative to a Gestoría

Fiscaro is not a gestoría or tax advisor — it is a guided platform for self-filing the Modelo 210. The wizard takes you through all relevant questions, calculates the tax automatically, and transmits the declaration to the AEAT via an authorised submission channel — without a Cl@ve PIN or digital certificate.

What Fiscaro handles:

Determining the correct tax regime (personal use, rental, mixed use)
Automatic calculation with the correct factor (1.1% or 2%)
Transmission to the AEAT via an authorised submission channel — no Cl@ve PIN, no digital certificate required
Support for up to four co-owners

What Fiscaro does not cover:

Tax advice for complex cases
Representation before the AEAT
Back-filing for previous years

Pricing starts from €34.95.

FAQ

Can the catastral value change from one year to the next? Yes. The catastral value is periodically revised through Ponencias de valores. Additionally, the government may apply annual coefficients that adjust the value upwards. Always check the current IBI receipt for the applicable tax year — not an older one.

My IBI receipt shows two values — which one do I use? Use the "Valor catastral total" (total catastral value). Some IBI receipts also show the land value (valor del suelo) and the construction value (valor de la construcción) separately. Only the total figure applies for the Modelo 210.

What if my property does not yet have a catastral value? This can happen with new-build properties. In such cases, the tax base is calculated as 1.1% of half the purchase price stated in the title deed (Escritura). Once an official catastral value is assigned, only that value applies going forward.

Sources

Last updated: April 2026 | Verified against current AEAT legislation

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