This is the value assigned to your property for tax purposes. It is a very important figure that is used to calculate your council tax or IBI (Impuesto sobre Bienes Inmuebles) and non-resident imputed income tax. You will find yours on your IBI bill or your receipt if you operate online banking. The value is registered at the Cadastral registry when the property is built. This is a different registry to the Land registry and is usually located either at your town hall or SUMA for those living in the Alicante region. The valor catastral increases annually in line with inflation.
Lots of factors can make a difference to your val.cat. For example, you might have a higher value than your neighbour if your property is closer to the road or your apartment is more convenient for the main entrance. The original valuation will have been made according to information provided by the builder.
The valor catastral is occasionally reviewed. This is done on an area-wide basis and is not a very regular occurrence (approximately every 10 years). When it does happen you can find it takes a leap – and usually in an upwards direction. However, the good news for calculating other taxes such as non-resident income tax, is that the valor catastral is usually much lower than the real market value.