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New supplementary property tax (AIMI)

An added assessment, dubbed “Additional Municipal Property Tax” (AIMI), will cover the entire ratable value (VPT) with an exemption on the first €600,000. For properties above this evaluation, the rate of 0.3% will apply. Property Owners with outstanding taxes will forfeit this exemption and will have to pay the new levy whatever the VPT.

Moves on the tax front…

Apart from the increase in Tax on Local Lodging (from net 3,75% to net 8.75%) the State is planning indirect taxes and changes for 2017.

An added assessment, dubbed “Additional Municipal Property Tax (AIMI), will cover the entire ratable value (VPT) with an exemption on the first €600,000. For properties above this evaluation, the rate of 0.3% will apply. Property Owners with outstanding taxes will forfeit this exemption and will have to pay the new levy whatever the VPT.

On the other hand, owners of buildings with ratable values over one million euros should pay less overall tax in 2017 than last year, even with the proposed increase in Municipal Property Tax (IMI), due to the elimination of the 1% Stamp Duty on this type of luxury real estate.

Additional “IMI” assessment

Property Owners as well as the Tax Office may request an additional “IMI” (Municipal Property Tax) evaluation if there is disagreement over the original set values. However, any such challenge does not suspend the payment of the first evaluation.

Request for IMI Exemption

In 2015, you may apply for exemption from “IMI” (Property Rates) if you purchase a property (whether a villa or an apartment) as a permanent residence, provided that the rateable value (“VPT”) of the property does not exceed €125,000. In addition, it is necessary that the household has a total income tax base for personal income tax purposes (IRS) of less than €153,300. If taxpayers meet these criteria, they will qualify for an exemption for a period of three years.

VPT- request for a new calculation

Your intrepid correspondent has requested a new calculation for her apartment’s VPT (Valor Patrimonial, base value)?????.

The request form can be downloaded from the Portal here. and handed in to the respective Tax Office. It should take 2-3 months to receive the confirmation with the lower value. This results in a lower IMI (council rates) payment.

If you need help to fill out the document (NALLE has no capacity to do this, sorry), we can reccommend a Service, send us an email!

IMI calculation

Portaria 280/2014 of 30-12-2014, has changed the amount for square meter of the properties for 2015, from €603 to 482,40. This means that the IMI (Council Rates) can be reduced if an update of the VPT is requested in Finanças.?????

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