Legal advice: What is the IBI?

2 Sep 2019
real estate

Get to know what is one of the taxes that you will have to face in case of owning a property in Spain.

What is the IBI (Impuesto de Bienes Inmuebles) and how is it calculated?


Impuesto de Bienes Inmuebles (IBI) is one of the taxes paid to Hacienda when you own a home, garage, etc. It is a mandatory annual payment tax that turns out to be one of the main sources of income of the city council. Its value fluctuates because it is conditioned by factors such as the number of inhabitants in the municipality where the property is located. For this reason, the amount to be paid in a large city will be different from that estimated in a small town.

To calculate the IBI, the cadastral value of the property is taken as a reference, that is, the value of the land where it is built (taking into account aspects such as its location, current market value, price of the building material, age of the building, etc. ). The coefficient applied on this value is between 0.4% and 1.3%, based on the provisions of the Law on Local Haciendas.

Who has to pay the IBI?


Any person who owns a property. There are only some properties exempt from paying this tax; for example, those that are owned by the State, Autonomous Communities or Local Entities of a municipality. It also happens with buildings used by the Catholic Church, Cruz Roja Española or foreign governments and official organizations.

In the case of having acquired a house recently, you should know that the annual payment is required from the owner that appears since January 1 of each fiscal year. That is, if you bought in May -for example- this seller will be responsible for the tax that will usually be charged between October 1 and November 30.

Why is it important to be informed?


Habitat Real Estate believes it is necessary for our clients to know in detail all the legal aspects that concern the purchase and sale of a property. In this way, we make sure that they are informed about the expenses involved in this transaction and that they can make a forecast to deal with them in the most comfortable way possible.

Are you thinking of buying a home in the Comarca de la Vega Baja del Segura or South Costa Blanca? We can help you find it and expedite the paperwork. We have more than 15 years of experience in the real estate sector and a great knowledge of the area.

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