Cost of owning a property in SpainOnce you
have completed your purchase, you will need to budget for a number of running
costs, some fees are universal such as taxes, utilities and others like community fees which are normal in
(water and electricity – gas is not generally mains supplied)Most electricity companies
operate a similar system of monthly bills, which include a small fixed rate for
rental of the equipment and usage, plus a charge for consumption based on the
amount of kilowatts used. Water is generally billed on a monthly basis
according to consumption, water meters or included in community fees.
Unless you live in a
stand-alone property on your own land, your property will most likely be part
of a community, in which case you will be liable for community fees. The fees
cover all aspects of running the community including gardening, maintenance and
electricity (communal areas) administration and sometimes water supply is
included. The rate is set according to the running costs and is divided amongst
all of the owners.
As a resident and a
non-resident you are liable to pay tax on any assets you own in Spain, such as
property. The tax will be calculated on a sliding scale according to the 'catastral'
(i.e. the tax value as decided by the regional tax authority, not the market
value) and should be paid annually.
(real estate tax, local rates and council tax)
This charge is also based
on the 'catastral' value of your property as set by the local tax authority and
is payable annually.
The sum is set by the local
authority and is payable annually.