ALCALA DE HENARES, Spain — Cash-strapped officials in Europe are looking for a way to ease their financial burden by upending centuries of tradition and seeking to tap one of the last untouched sources of wealth: the Catholic Church.

This cathedral in Santiago de Compostela is among the Catholic Church’s holdings in Spain. One of Spain’s largest landowners, the church could owe up to $3.9 million in taxes a year – but it’s also facing its own financial troubles.

The net worth of the Vatican and the Catholic Church’s dioceses is believed to be astronomical. The Vatican’s gold alone is thought to be worth several billion dollars.

Thousands of public officials who have seen the financial crisis hit their budgets are chipping away at the various tax breaks and privileges the church has enjoyed for centuries.

But the church is facing its own money troubles. Offerings from parishioners have nosedived, and it has been accused of using shady bank accounts and hiding suspect transactions.

Now, along come officials like Ricardo Rubio.

Rubio is leading an effort to impose a tax on all church property in Alcala used for non-religious purposes. The financial impact on the Catholic Church could be devastating. As one of Spain’s largest landowners […]