Along with Personal Income Tax, Spanish residents and non-residents which are property owners are also liable to Wealth Tax (Impuesto sobre el Patrimonio). They should file for both taxes at the same time.
Wealth tax is a direct tax levied on your assets and property located in Spain as at 31st December of every year.
Provided that taxpayers’ principal wealth is normally their home, most of resident taxpayers do not pay this tax given that the first € 300,000 are exempted. However, non-resident property owners are always taxed on their assets located in Spain (car, houses, bank accounts etc.)
The value of the house to be declared is the official catastral value which can be found on any I.B.I receipt. The amount you have deposited in a Spanish bank is the average cleared balance over the previous year.
Tax Rates are progressive depending on the type of property, ranging from 0.20 to 0.50% according to the Spanish applicable regulations under national or regional law.