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What is a cadastral appraisal?
Did you know that there are different types of appraisal? If you have just bought or are about to buy a property it is better that you know what this is about. We tell you what a cadastral appraisal is and everything you need to know.
As you well know, an appraisal is an analysis of a property to know its value according to different factors in the context and given time. There are different types of property appraisals depending on the reason for doing so. One of these is the tax or cadastral appraisal. Know the objective of this appraisal, what is its difference with the commercial appraisal and who can carry it out.
What is a cadastral appraisal?
In order to understand what a cadastral appraisal is, you should first know that when you become the owner of a real estate you have the obligation to cover certain taxes such as property tax, ISAI (Property Acquisition Tax) or ISR (Tax on Property Rent), as the case may be.
Well, the cadastral appraisal is an investigation and statistical analysis of the country's real estate, by the government, which determines the value of these taxes. In other words, from the cadastral appraisal, a base is established on which the rate to be charged in the year of each property-related tax is determined. This rate will depend, of course, on the characteristics of each property.
What is a cadastral appraisal for?
With the cadastral appraisal, the non-commercial value of a property is determined based on its location and the square meters of construction and land. Once knowing the value of the property before the cadastre, it must be indicated to the treasury so that the amount to be collected from taxes when acquiring or selling a property can be established, as well as the annual rate of the property tax.
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In summary, the tax or cadastral appraisal is a tool that helps notaries to calculate and determine the amount that corresponds to pay as a tax in each case and according to the characteristics of each property.
What is the difference between a cadastral appraisal and a commercial one?
A commercial appraisal is the analysis that allows knowing the real market price of a property and therefore the amount that can be obtained for its sale, to know if the price that is going to be paid for the property is real and fair . The commercial appraisal determines the total price of the property for its sale.
The cadastral appraisal, on the other hand, determines the non-commercial value of a property in order to know the corresponding amount to be collected from taxes, so this appraisal only represents a part of the total price of the property.
For this reason, the commercial appraisal should always result in a higher price or value than the cadastral. If this is not the case and the value resulting from the cadastral appraisal is higher than the commercial one, a complaint can be filed.
Who can carry out a cadastral appraisal and how to request it?
You should know that this appraisal can only be carried out by government entities, so to request the cadastral appraisal of your property or the property you are interested in buying, you must go to the cadastral offices of your city. This appraisal will be valid for one year from the date it is issued. In order for this appraisal to be valid, according to article 3 of the Regulations of the Federal Tax Code, it must be performed by appraisers belonging to:
- The Institute of Administration and Appraisals of National Assets
- Credit institutions
- Public brokers with current registration before the Ministry of Economy
- Companies dedicated to the sale or auction of goods
Now that you know what a tax or cadastral appraisal is, you will understand the importance of requesting it. Do you want to know more about appraisals? Lean on this small guide to real estate appraisals .
If you still cannot find your ideal home, you can visit our real estate portal to search among the best offers of properties for sale in your city.
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