Inheritances 2026: Why is inheriting today cheaper in Valencia but more complex everywhere else?
Friday, January 9, 2026
Communications team
If there is one thing that defines the start of 2026 in inheritance matters, it is speed. The speed at which regional regulations change and the speed at which the Administration is digitizing processes. We are facing a paradigm shift: while some regions effectively eliminate the tax, the Tax Authority tightens the screws on property valuations.
At GRÀCIACALBET, we have analyzed the new developments of the 2025–2026 biennium to summarize what you should keep an eye on if you are facing inheritance planning.
At two speeds: the fiscal “war”
The map of Spain has been split into two blocks. Depending on where the deceased had their tax residence, the bill can vary by tens of thousands of euros:
The "Free Zone" (Valencia, La Rioja, Andalusia, Madrid)
If you have interests in the Valencian Community, the new Law 5/2025 is excellent news. Not only does it maintain the 99% deduction for children and spouses, but it also extends benefits to siblings and nephews/nieces. The goal is clear: to unlock inheritances and stimulate the market.
The Resistance (Catalonia)
Here the situation is different. Tax rates are maintained, and, more dangerously, the multiplier coefficients remain in place. If the heir already has assets, the tax bill skyrockets. In this scenario, lifetime planning (inheritance agreements or strategic donations) is not an option—it is a necessity to avoid effective rates above 30%.
The silent trap: the 2026 "Reference Value"
Many clients come to the office relieved because “the tax is discounted,” but they forget the other side of the coin: property valuations. As of January 1, 2026, the new Reference Values from the Land Registry have increased to align with real estate inflation.
- The Problem: the Tax Authority assumes that value as the absolute truth. If you inherit a property that needs renovation, the Land Registry often values it as if it were brand new.
- The Solution: Complaining is not enough. You must file the tax return based on the official value and, immediately afterwards, request a correction by providing expert evidence. At GRACIACALBET, we are seeing cases where the official value exceeds the market value by 20%.
A victory for the taxpayer: Household goods
Finally, some good news that affects everyone equally. Historically, the Tax Authority calculated the “household goods” (furniture and personal items) as 3% of the entire inheritance. This included bank accounts, stocks, or investment funds. What “household goods” do Telefónica shares generate? None.
Jurisprudence was consolidated in 2025: money and shares do not incur household goods tax.
Practical example: In a 2-million inheritance where 1.8M consists of investment funds, previously you paid household goods tax on the full 2 million. Now, only on the property. The tax savings are substantial, but it must be calculated correctly in the deed.
Municipal capital gains tax: Watch the age of the property
The new Royal Decree-Law 16/2025 has updated the coefficients for Municipal Capital Gains Tax. The message is clear: inheriting very old properties is penalized.
If the property was purchased more than 20 years ago, the coefficient jumps to 0.40.
Interestingly, the most “tax-friendly” bracket is for properties purchased between 2011 and 2016 (during the crisis).
Goodbye to paper: Digital inheritance
Law 11/2023 is now fully operational. This greatly speeds up obtaining copies (now with a CSV code) and dealing with banks, but it also brings new obligations. A warning: the “Zero Debt Certificate” is now essential. The Land Registrars are closing ranks and will not allow you to register the house in your name if you do not formally cancel your parents’ mortgage in the registry, even if it has been fully paid off.
Inheriting in 2026 requires great precision. In regions like Valencia, the opportunity is historic to transfer wealth at almost zero cost. In others, like Catalonia, strategy is everything to mitigate the impact.
If you need to review a will or manage an inheritance under these new rules, at GRÀCIACALBET we can help you apply the new household goods doctrine and review the Reference Value so that you pay what is fair—no euro more.
