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Friday, 3 March 2017, 13:34
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The Tax on the Increased Value of Urban Land (IIVTNU), known as 'plusvalía', is a national tax but is charged by local councils. It is based on the increased value of the land when a property changes hands. It only affects urban assets, not those which are classified as rustic, and only applies to the value of the land, not the construction. When the property is sold, the tax has to be paid by the vendor, but, in the case of an inheritance or gift, payment of the 'plusvalía' becomes the responsibility of the person who acquires it.
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