The increase of about 10% arises following the triennial revision of the tax asset value, which takes into account the high inflation recorded in recent years.
Thousands of owners in Portugal are facing a significant increase in the value of Municipal Real Estate Tax (IMI) in 2024, following the automatic update of the Tax Patrimonial Value (VPT) made by the Tax Authority (AT). This triennial review, provided for in article 138 of the IMI Code, was translated into an aggravation of approximately 10% in the tax To pay this anus.
The update, which focuses on properties whose last review occurred in 2021, was based on a 1,13 currency devaluation coefficientas stipulated in Ordinance No. 288/2024/1, signed by the Secretary of State for Tax Affairs, Claudia Reis Duarte. This coefficient, applied to 75% of the update factor, reflects the impact of high inflation recorded in 2022, explains the.
For example, a property with a 100,000 euros VPT saw its value updated to 109,750 euros, resulting in a IMI increase from 300 to 329 euros (Considering a rate of 0.3%), which represents an aggravation of 9.7%.
Despite this increase, IMI remains an important source of revenue for municipalities. In 2024, the municipalities raised about 1.49 billion From euros with this tax, a slight decrease of 0.4% compared to 2023.
The government justified the increase based on the evolution of consumer price index (without housing), which in 2023 registered a positive variation of 4.3%. This variation was used to calculate the new coefficients to apply this year.
Due to technical embarrassment, the tax authorities had difficulties in the timely issuance of the collection notes, which led the government to extend the payment period of the first installment of IMI Until the end of June.
In addition, the published ordinance includes coefficients of devaluation of currency applicable to very old properties, dated even from before 1903, with higher adjustments the older the property.
