Saving 38.3 million euros for 28,575 young and vulnerable individuals due to reduced housing taxes, as stated by Mazón.
In the Valencian Community, a comprehensive housing policy has been introduced by the regional government to facilitate homeownership for young people and vulnerable groups. Central to this policy is a reduction in the Property Transfer Tax (ITP), aimed at reducing acquisition costs and making homeownership more accessible.
The Valencian Generalitat has implemented a 10% reduction in ITP and a decrease in the tax on documented legal acts. This move, part of a broader fiscal strategy, has resulted in significant savings for thousands of residents. In fact, over 28,575 property transfer declarations have been made between January 2024 and June of this year, leading to an average saving of 1,341 euros per taxpayer.
Breaking down the savings, the reduction in ITP for those under 35 years old has presented the greatest benefit, saving 29.2 million euros for 20,021 declarants, with an average of 1,458 euros per taxpayer. Meanwhile, beneficiaries of habitual protected housing of the general regime have enjoyed an average saving of 1,554 euros, while those in the special regime have saved an average of 768 euros.
The savings for people with disabilities, large families, single-parent families, and women victims of violence are 771 euros, 569 euros, 569 euros, and 862 euros, respectively.
The policy's success is evident in the support it has provided to 1,475 young people between the ages of 18 and 45, who have benefited from the Generalitat's guarantee program for the purchase of their first home.
President of the Valencian Government, Carlos Mazón, has emphasised the importance of this policy, stating that it has saved 38.3 million euros for 28,575 young people and vulnerable individuals. Mazón also advocates for a coordinated approach to housing at a national level, urging the Government to address housing as a "state matter, in full coordination with the autonomies" to make the access to public housing more effective and fair.
The Valencian Institute of Finance (IVF) also plays a crucial role in this policy, providing guarantees for young people who need financing for their first home. The VIVE plan, which aims to develop 10,000 homes, further bolsters the policy's ambition to increase affordable housing options.
The new Public Housing Decree also reserves 40% of public and private promotions for young people and single-parent families, demonstrating a commitment to an "integral, cross-cutting and effective" housing policy.
While the search results do not provide a full detailed breakdown of the entire fiscal policy package, it is clear that the Valencian Government's housing policy is aimed at easing fiscal burdens on homebuyers in the region, supporting broader fiscal management that sustains government revenues amid a property market boom in Alicante and the wider Valencian region.
- The Valencian Generalitat's reduction in the Property Transfer Tax (ITP) and legal act tax has led to an average savings of 1,341 euros per taxpayer, with young people under 35 years old benefiting from the greatest savings of 1,458 euros per taxpayer.
- The Valencian Institute of Finance (IVF) provides guarantees for young people who need financing for their first home, as part of the VIVE plan, which aims to develop 10,000 homes, further supporting the housing policy's ambition to increase affordable housing options.
- The Valencian Government's housing policy, which includes a 10% reduction in ITP, is aimed at easing fiscal burdens on homebuyers in the region, while President Carlos Mazón advocates for a coordinated approach to housing at a national level to make the access to public housing more effective and fair.
