Portugal is going through a period of uncertainty. The President of the Republic announced that elections will be held in our country on March 10, 2024. According to recent information, the IMI could rise by more than 6% next year.
IMI of €500 increases by €33 and becomes €533 per year
Municipal property tax rates (IMI) are set annually by municipalities in the area in which buildings are located. Payment can be made in full or in instalments.
As a general rule, the tax authorities must, every three years, automatically update the value of assets which may, as a result, lead to an increase in IMI, according to SEC News.
According to Inspector Thiago Caido Guerrero...
There is a decree to update the IMI (...) it will be updated by 6.75%, which is a very high update, because, as we know, what is expected in the OE is an inflation of 2.9% and the tax is updated by more than twice the inflation
So, after all, the IMI of €500 increases by €33 and becomes €533 per year. The National Association of Owners states that the IMI Code stipulates this updating of the asset value every three years, but this did not happen.
SIC has contacted the tax authorities to understand whether or not it will continue with the update, but has not received a response in time.
At the end of October, Finance Minister Fernando Medina confirmed to Parliament that the IIP would not increase next year.
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