Valencian Government reports €470 million tax savings, expands wealth‑tax exemptions

The Valencian regional government says it has achieved cumulative tax savings of €469.8 million since 2023, with €293.1 million coming from cuts to the Inheritance and Gift Tax. The reforms, driven by the PP‑Vox coalition and President Juanfran Pérez Llorca, also lowered rates for the Property Transfer Tax and introduced additional deductions for low‑income earners, young first‑time home‑buyers, families with disabilities, large families and victims of gender violence.

In parallel, the regional authority raised the wealth‑tax exemption threshold from €500,000 to €1 million and now to €2 million, dramatically reducing the number of taxpayers liable for the wealth tax. Out of the 27,711 residents who paid the tax in 2023, only about 4,264 are expected to continue doing so, saving roughly 10,000 taxpayers from the levy.

The measures are presented as a direct relief for thousands of Valencian families and as a way to make the community one of the lowest‑tax regions for inheritances and wealth in Spain.