With properties at an all time low many purchasers have decided to take avail of the many bargains available to purchase one of the many dwellings being offered at extraordinarily competitive prices. Many of these are now being sold by the banks themselves who are even willing to lend considering mortgages at a hundred percent of the asking price. Be cautious and calculate the costs.  Nobody seems willing to warn you that even though you may declare the full asking price, legally pay your taxes and costs; you will almost certainly be presented with a further tax bill within the year following your purchase.  The reason for this complement is due to two reasons, prices at an all time low and that most of the town halls assessed the valor catastral (the estimated value of your property) when the market was at an all time high. Take these two issues into consideration and you will understand that the price you have paid for your property will be much lower than the value placed on it. If you think the demand for the extra tax is of a considerable amount,  it may be worth taking the matter up with the authorities and making a claim.