Base value (valor base)
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The valor base is the value assigned to the property in the proceedings, from which the lowest acceptable sale price is calculated.
Valor base does not mean the same thing in every source, and that is what most confuses people comparing listings.
Tax Authority (Finanças). The value of the property is set under CPPT article 250 (for urban property, the ). The base value announced for the is 70% of that value. With no bids, the sale moves to at 50%. With no bids again, a new auction opens and the highest bid wins, but never below 20% (CPPT article 248).
Civil enforcement and e-Leilões. The base value is set by the : the higher of the VPT (assessed less than six years ago) and the market value (CPC article 812). The property can be sold from 85% of the base value, the .
Example
Illustrative example, with a €100,000 property: at the Tax Authority, the announced base value is €70,000 (70% of the article 250 value). On e-Leilões, the base value is €100,000, the minimum value €85,000 and the €50,000.
In practice, at an auction
Always check which value the listing shows and which source it comes from. At the Tax Authority, a bid below the announced base value is not considered at that stage. On e-Leilões, a bid between 50% and 85% of the base value is recorded as conditional. The base value is not a current market appraisal: compare it with prices in the area.