Yes. You then pay taxes based on the cadastral value of your property. Specifically, you take 1.1% (if the cadastral value was revised in the last 10 years) or 2% on the cadastral value. On this, you pay 19% in taxes if you live in the EU. The annual declaration is by 31 December each time. The first declaration is in the calendar year following your purchase (deed). You will not receive official notification of this yourself.
Example. Cadastral value 110,000 euros, last revised in 1990. 110,000 euros x 2% = 2,200 euros. On this, owners pay 19% = 418 euros.
Taxes for the year you bought are prorated.
Example. Let's continue with the above example. You signed the purchase deed on 1 July 2022. You will then be an owner for half of the 2022 calendar year, paying 209 euros . For 2023, you will pay for the full year, 418 euros (unless you sell).
In addition, you still pay annually IBI, a municipal tax, and basura, a collection fee. These assessment notices are sent by post and can also be paid by direct debit.
