When you buy a property there are inevitably taxes to pay these are always calculated on the value shown on the Escrituras publica (Deed to the property.)

When you buy a new property you will pay 7% IVA (VAT) plus 1% gastos Juridicos

On a second hand property you will pay 7% Impuesto transmissions patrimoniales

On either property you will then have to pay the Notary and land registry fees you should allow between 1 to 2 % for this.

Another tax is also levied at the purchase of a property and this is the PLUS VALIA.
This is a tax based on the increase in the value of the land and is calculated on the value of the land at the time of the transfer. This is traditionally paid buy the seller but is subject to change and should be negotiated at the time of the signing of the private contract.

What Other General Taxes Are There

Once you have purchased your property you have to pay each year your IBI and Basura (Impuesto de Bienes Inmuebles and rubbish taxes) these are a local government tax and are based on the catastrol value.

Another tax is the Patrimonio (wealth Tax) which is only for non residents and only their goods in Spain.

Capital Gains Tax

Capital gains is the difference between the purchase price on your Escritura (Title Deed) and the selling Price on your escritura. As a non resident capital gains tax is 35% of the the net gain where as a resident it is 20% of the net gain. For this reason it is common to under declare the sale price in Spain.
The amount of capital gains can also differ depending on the amount of time you have owned the property. A non resident in Spain when selling a property has to pay at the time of sale 5% of the declared value of the property on account for there capital gains tax. This measure was introduced to stop non residents leaving the country after selling a property and never paying the capital gains owing.
If this 5% turns out to be a greater amount than the amount owing under the calculation done on the net gain then the difference can be refunded, but normally this is not the case and in the majority of cases it is best to pay the 5% and walk away.

Inheritance Taxes And Wills

When someone in Spain dies his/her inheritors must pay Inheritance tax. This works on a sliding scale and is dependent on various things, not least of all the relationship the inheritor had with the deceased and differs for persons from different countries.
As a rule it always is in your interest to make a will in Spain.