What is imputed income in the context of Modelo 210?

Imputed income — rentas imputadas in Spanish — is a notional amount of income that Spanish tax law attributes to every property owner who does not rent out their property. The concept rests on the assumption that owning a property confers an economic advantage even when no rent is collected. The owner either occupies the property and thereby saves on rent, or leaves it vacant and forgoes potential rental income. Spanish law treats this advantage as taxable income — a fiction, but one with real financial consequences. The calculation is prescribed by statute: cadastral value × imputation rate × tax rate × ownership share × days of ownership in the year / 365. The imputation rate is the critical variable. It is 1.1% where the municipality in which the property is located carried out its most recent general cadastral revaluation (Ponencia de Valores) on or after 1 January 2012. For municipalities with an older valuation, the rate doubles to 2.0%. The legal basis is the Disposición Adicional 55 LIRPF, as confirmed in the AEAT Manual Renta 2025 §7.3.4. This is a fixed statutory cutoff — not a rolling period that shifts each year. Most municipalities on Mallorca apply the 1.1% rate, as the Balearic Islands have undergone comprehensive cadastral revaluations in recent years. Parts of the Costa del Sol and certain smaller municipalities elsewhere may still operate under older valuations, triggering the 2.0% rate. The filing deadline for imputed income is 31 December of the following year (tax year 2025; from tax year 2026, changed deadlines apply per Orden HAC/623/2026). Imputed income does not arise for any period during which the property was rented — actual rental income is taxed instead. Where a property is partly rented and partly owner-occupied or vacant within the same year, two separate calculations apply: actual rental income for the let period, imputed income for the remaining days. Each requires its own Modelo 210 declaration, with different deadlines. For third-country owners — British, US, Swiss — the tax rate on imputed income is 24%. For EU and EEA citizens it is 19%. There is no expense deduction available against imputed income for any category of owner.