IMI Municipal Property Tax
Latest articles about IMI Municipal Property Tax
84 municipalities in Portugal have decided to reduce Municipal Property Tax (IMI) rates for homeowners in 2021, in respect of the properties they owned on 31st December 2020.
The COVID-19 pandemic has been awakening a new interest in areas of Portugal that are less densely populated. And there is now good news for those who are thinking of changing their lives and replacing life in the city with less urban areas.
The payment of IMI (Municipal Property Tax) in Portugal began in early May. Despite this atypical period that we're experiencing, generated by the COVID-19 pandemic, the government has already indicated that there will be no postponement of payment of this tax.
Everything indicates, except in the case of unexpected surprises, that the Portuguese will benefit in 2020 from an increase in purchasing power, thanks to improved economic conditions and falling unemployment, together with an expected rise in wages, on average, above inflation.
Every year, municipalities have to determine and communicate to the Finance Department by December 31st, the amount of Municipal Property Tax (IMI) for real estate they intend to charge owners in their respective municipalities.
Renting out your holiday home the rest of the year while you are not using it can be an additional source of income. The Portuguese real estate sector is currently very dynamic, and demand is on the rise, often exceeding supply so that higher rents can be charged.
The difference between buying a house in Portugal being a resident or not depends on the purpose of the house. If you buy a house to live in Portugal, you are buying a permanent home and are a resident, but if you do not live in Portugal and you buy property there it will count as a second home.
29 new luxury apartments are due to be built at number 95, Avenida da República in Lisbon and because of its status as a classified property, the buyers of any future apartments there will be exempt from having to pay the IMI and IMT property taxes.
Property owners in Portugal who take out home contents insurance cannot deduct it from their property income when they file their IRS income tax returns, because it is considered to be an optional extra by the tax authorities.
The Addition to the Municipal Property Tax (Adicional ao Imposto Municipal de Imóveis or AIMI) is, as the name implies, a tax levied on real estate assets. It was created relatively recently, in 2017, and many property owners in Portugal don’t know they have to pay the AIMI.
The Portuguese Tax Authority (Autoridade Tributária or AT) closed 2018 with a cash inflow of 31.5 million euro from revenue from the Municipal Property Tax (Imposto Municipal sobre Imóveis or IMI) paid on dilapidated, vacant or ruined property.
The Portuguese Council of Ministers (Conselho de Ministros) approved a decree law on 14th February 2019 creating the Right in rem to Lasting Housing (Direito Real de Habitação Duradoura or DRHD), a scheme that aims to provide families with a stable housing solution and allow them to maintain their p