The "Impuesto sobre Transmisiones Patrimoniales" (ITP) 

ITP is a tax that applies in Spain and certain autonomous communities to tax property transfers and other asset transfers. It is a tax paid by the buyer when purchasing property, regardless of the type of property.

ITP is based on the transaction value, which is the declared purchase price in the purchase and sale agreement. The tax rate and calculation method can vary depending on the autonomous community where the transaction takes place, as each community has the authority to establish its own tax regulations.

In general, ITP is a percentage of the transaction value and can range from 6% to 11%, depending on the autonomous community and the type of property. Specifically, on the island of Tenerife, this tax is set at a rate of 6.5%.

It's important to consider that ITP is an additional cost that buyers must take into account when purchasing property in Spain, as it can have a significant impact on the overall transaction cost. Each autonomous community may have its own exemptions and specific rules regarding this tax. Therefore, it's recommended to consult with a tax advisor or local authorities to obtain accurate information about ITP in a specific location.