Italian Real Estate Buying: Q&A Part V
This is the fifth in a series of questions regarding home buying in Italy. The questions are sent in by readers like you and are answered by our two experts, Italian real estate attorneys Claudia Bortolani (who is also licensed in California!) and Eleonora Cerin.
These Q&A sessions have been created in support of our Italian Home Buying tour next year. The dates for this tour are May 22 to 29, 2024 and we are now ready to take reservations!!
On this tour we'll be joined by Claudia and Eleonora, our real estate attorneys, and various agents as we view homes in the Sabina area of Italy. You'll get to know the area with us through activities like nature walks and cooking classes with locals and spend valuable time with experts so you can gain insight into their experience. All of this, the activities, lodging, meals, our attorneys are included in the price of the trip.
For our Q&A this week, we have a very sensible question from a reader:
Q: What in the world is a cadastral value and how do I calculate that?
A: In Italy, the cadastral value (so called ""valore catastale"") is an estimate of the property's value used for tax purposes and administrative procedures. It is determined by the Italian Cadastre (namely, ""Catasto Italiano""), which is a public register of real estate properties. Keep in mind that the cadastral value is not necessarily an accurate reflection of the market value or sale price of a property. It is primarily used for tax assessment purposes, such as determining property taxes (IMU) and other administrative procedures. The calculation of the cadastral value in Italy is complex and involves multiple factors. It is generally based on the property's location, size, quality, and other characteristics. The cadastral value is shown on the property certificate issued by the Italian Cadastre.
When you buy a home as an individual from another individual or in any case not subject to VAT, it is important to know the cadastral value as it is on this figure that the purchase taxes are calculated.
If you have a question for Claudia and Elenora about the home buying process in Italy and you'd like to see it answered here, please email email@example.com.
If you'd like to sign up for the real estate buying tour, please let us know asap so that we can hold a spot for you. Our tours are small group and limited to 7 people.
We are also working on an October 2024 Tuscan Wine Tour. We'll release that itinerary soon and it's expected to sell out quickly. Keep an eye out for that or let us know if we should hold a spot for you!