What is the IMI
IMI (Imposto Municipal sobre Imóveis) is the name of the Property Tax in Portugal, it underwent severe modification in recent years, so here are a few tips and explanations to better understand the IMI tax.
What is the IMI?
Its a tax levied on the taxable value of immovable property in Portugal. This tax went into effect in 2003, replacing the Council Tax, and reverts to the respective municipalities.
When is it payed?
The taxpayer is the owner of the property at 31 December of the year to which the tax reflects, it is payed starting April of every year, if the total value is inferior to 250 euros, you have to pay it at once, if the value is between 250 euros and 500 euros you can pay in two installments and finally if the payable amount is greater than 500 euros you can pay in three times.
What has changed?
The biggest change was the general reassessment of all real estate in Portugal, a process that began in 2012, that combined with a higher tax rate increased the overall tax, also since this is a municipality tax now, each municipality can increase or decrease the rate to a certain degree.