Once you own your property you will be responsible for yearly property taxes (the I.B.I or Impuestos de Bienes Inmuebles). This is paid to the local municipality.
The amount is 1% of the assessed value given to your property by the Cadastral Office. The assessed value of the property is set each year and will be amended following any improvements made.
Taxes are paid in arrears each year by March 31. If paid before March 31 certain discounts may apply.