At the present time, Real Legislative Decree 2/2004, 5th of March, which rewrites the text of the LFRA (Local Finance Regulation Act), constitutes the base of the local financing system. This norm rewrites the legislation and at the same time includes the recent reforms orchestrated through Act 51/2002, 27th of December and Act 62/2003, 30th of December, fiscal, administrative and social measures. The objective of this work is to analyze the main questions that arise from the reform of the local financing in Spain and its effects in the main local tributes. In particular, we make special emphasis in how the municipal fiscal co-responsibility in our country has been materialized – as an instrument to improve the management of the public resources – in the last years. On the other hand we review the relative importance of the main magnitudes of the local tax figures.