What is the reference value and how does it affect the Modelo 210?

The reference value (Valor de referencia) was introduced in 2022 by the Dirección General del Catastro and is more closely aligned with the actual market value than the cadastral value. For the Modelo 210 calculation on owner-occupied properties, the reference value is generally not relevant — what matters is the cadastral value (Valor catastral) from the IBI assessment. The reference value is used for other taxes, notably inheritance and gift tax (Impuesto sobre Sucesiones y Donaciones) and property transfer tax (ITP/AJD). The reference value is typically well above the cadastral value and closer to the market price. For owners who only file the Modelo 210 for self-use, it generally has no impact. Only where no cadastral value exists or has not been communicated to the owner may special substitute rules apply — in such cases, review by an Asesor Fiscal is advisable. In a property sale or inheritance, the reference value and the cadastral value may both be relevant simultaneously — for different taxes and with different calculation bases.