1317 Tassa Ipotecaria

Sorry, should have posted under Legal.. :o

I think your figures are somewhat out of kilter, Derek.
If you are buying your house as a holiday home, you will pay 10% of the price on the Notarised act as Imposta Di Registro - the equivalent of Stamp Duty. The money is paid by the Notaio to the local Comune.
The Catastale and Ipotecario taxes are €130 each, to the best of my knowledge, the former being the Land Registry fee and the latter the fee for registering your mortgage lender's interest in the property (assuming you have a mortgage)
You can calculate a ball-park figure using the calculator at this web page;
[url]http://www.itili.com/calculator.htm[/url]

Ok, the following is quoted from the House Purchase FAQ. I assumed that the 3 taxes (below) together make up the 10% that you refer to. No?

[QUOTE]Here is an example af the cost of a standard purchase of an house declaring a price of €. 100.000,00, when the vendor is a common citizen:
Tassa Registro: €. 7.000,00 (7%)
Tassa Ipotecaria €. 2.000,00 (2%)
Tassa catastale €. 1.000,00 (1%)[/QUOTE]

Derek

marcs right...the figures are outdated that you have looked at and have heard good things of the website he has reccomended as coming out with a good guide price....

the higher tax rate of 10 % will be based on the estimated value of the house rather than the selling price to you...that figure will be arrived at based upon the commune/catastal valuation of the property and either your agent or whoever is selling you the house will give you the figure for that but in general and i stress in general this will be less than you pay.... a bit like a council tax band valuation....

however other costs which will be higher to you as a non resident will be the electricity/other services which you will pay at a higher rate... also take into consideration that without being a resident you will be unable to buy a car or such so you will always have to drive down or hire....or of course cycling is supposed to be healthy.... actually sorry not here in italy...just remembered the other day on the news here they quoted figures of 300 or so deaths on the road each year here higher than any other country in europe...beating bike mad holland and france by miles... i stray....

good luck with the purchase .... i think some sites try to allow 3 % as the difference in the selling price and the council valuation which might be where the difference comes in but that is a very innacurate way of attempting to tell you how long a piece of string is and so they pull out this figure of 7

Thanks marc, adriatica.
So roughly 10% in taxes it is then, no matter how it's broken down. But I could save a whole €130 if there's no mortgage!! Drinks all round.

[QUOTE=adriatica]
the higher tax rate of 10 % will be based on the estimated value of the house rather than the selling price to you...that figure will be arrived at based upon the commune/catastal valuation of the property and either your agent or whoever is selling you the house will give you the figure for that but in general and i stress in general this will be less than you pay.... a bit like a council tax band valuation....[/QUOTE]

One more thing. If the declared price is compatible with the catastal value, the 10% would be based on this at completion? Is this what you mean by estimated value? I'm only asking because I've seen, on this site, far greater differences of 3% between purchase prices and declared values. :confused:

I think probably my main concern at the moment, and what it all boils down to, is what range of house prices to look at. For example, if I have a total budget of €150k for everything, I could set aside a minimum of 16-17% to cover fees and taxes and so start looking at property advertised at or below €125k. If, then, I managed to negotiate 10% off the purchase price and found that the estimated value was €100k, my approx total outlay would be around €130k. Good in that it's significantly less than my initial budget but means I may have been able to look at slightly better property. Tough call since it seems there are so many variables.
I suppose everyone goes through this and It's part of the process, but it's been a while since I purchased on the open market. :eek:

Cheers

Derek

[QUOTE=derekL]...and so start looking at property advertised at or below €125k[/QUOTE]

Sorry, got that one wrong. Should be at or below €130k with an outlay of approx €135k.
Maybe I'm thinking about too many possibilities here.

Derek

In general, property prices have risen far faster than prices at the Catasto. The value of a house in the Catasto depends on how long ago it was last sold and how honest the vendor and buyer were in the price they declared at the time, but it is often less than half its market value. The Ufficio Catastale seems to have no mechanism for estimating the market value of houses, (its not as if they could look in the newspaper or anything), they just rely on the Notaio. And what the Notaio doesn't know......

[QUOTE=Marc]In general, property prices have risen far faster than prices at the Catasto. The value of a house in the Catasto depends on how long ago it was last sold and how honest the vendor and buyer were in the price they declared at the time, but it is often less than half its market value. The Ufficio Catastale seems to have no mechanism for estimating the market value of houses, (its not as if they could look in the newspaper or anything), they just rely on the Notaio. And what the Notaio doesn't know......[/QUOTE]

The value of a house in the Catasto is essentially a political choice.
The tax authority knows very well that the real values are much higher than those declared in the public contracts, but the fiscal policy is to don't "sqeeze" too much real estate owners.
This helped purchases: about 80% of italian families are owners of the house where they live and many have a second house too.
The last (big) "check up" of the values was about 13 years ago, so may be that in the next years something will change again, increasing values and, as conseguence, taxes.

[QUOTE=adriatica]marcs right...the figures are outdated that you have looked at[/QUOTE]

The figures then in my two [B]recently [/B] purchased books on buying property in Italy are also outdated! :(

'Buying a House in Italy' - Gordon Neale
'Buying a Home in Italy' - David Hampshire

Thanks for the help.

Derek

[QUOTE=derekL]I'm doing my figures for purchase costs etc. before buying (holiday home). I'm happy enough with the Registro tax (7%) and the Catastale tax (1%) but I'm just a little confused by the Ipotecaria tax (2%). What exactly is it?? I read somewhere that it was some kind of Mortgage tax?? Could that be right?

Thanks.

Derek[/QUOTE]

Derek

The Imposta Ipotecaria is a contribution you make towards the upkeep of the conservatoria dei registri immobiliairi.

What this really boils down to (like most of these things in Italy) is another means of generating extra income for the State.