HOME buyers in the Valencian Community will save money with the regional government announcing a 10% fall in property transfer tax.
Visiting a new social housing development in Alicante City on Friday, Valencian president, Carlos Mazon, said the cut would apply to everybody.
“The Valencian Community will no longer have Spain’s highest property tax,” he stated.
MAZON AT DEVELOPMENT, FRIDAY(GVA image)
The tax is a universal levy on the value of a property that’s being sold.
The new rate will go down from 10% to 9% via an amendment to the region’s 2025 budget.
Carlos Mazon emphasised the change is in addition to discounts introduced last year for young people and vulnerable groups.
Younger buyers have seen a 25% transfer tax reduction and up to 8% for others including single-parent families and disabled people.
“21,000 young people have been able to buy their first home with a total saving of €27.8 million,” Mazon said.
He said that worked out as €1,000 and €2,000 saved per property.
Mazon also pledged that the region’s budget will lower stamp duty which currently is 1.5% of a home purchase price.
