The cadastral (rateable) values for residential properties in Majorca exceeded 35,500 million euros in 2017. This was 78.4% higher than ten years before.
The increase in these values, established by town halls and used to determine local property taxes (rates), has varied considerably. In Muro, for instance, it has gone up 23.7%; in Mancor de la Vall 488%.
The rise in cadastral value has occurred across Spain. Town halls fix it, but they take account of guidelines from the cadastral directorate, which is part of the national finance ministry. The value is meant to be an objective one that is arrived at by including factors such as location, building costs, age of the building and market values for land.
Town halls' values in Majorca have led to objections. For example in Sencelles in 2017, there were reductions about what had been a considerable rise in the figure on which all values were based.
Palma, as would be expected, has the highest overall cadastral value - 12,831,644 euros, which in 2017 was slightly more than double the value in 2007. In the case of Mancor, which had the highest percentage increase, the overall value rose from 12,414 euros to 73,108 euros. After Palma, Calvia had the second highest value in 2017. This was 3.93 million euros, a 116% rise from the 1.82 million in 2007.
