There are taxpayers who continue to pay IMI based on a Tax Asset Value (VPT) calculated several years ago, without ever confirming whether the parameters used continue to reflect the current reality of the property. As a result, there may be scope for an update to the VPT which, in some cases, translates into a tax reduction.
This request can be submitted until the end of the year and has its own rules, including frequency limits. According to Montepio, the IMI is determined based on the VPT entered in the property register and that this value depends on several coefficients that may change over time.
What is at stake when talking about VPT
The VPT is the value assigned by Finance for tax purposes, serving as the basis for calculating the IMI. It is this amount that appears in the property register and is then used to calculate the municipal property tax. The VPT results from a formula with several parameters, so a change in these factors can change the final value considered for the tax.
According to the same source, over the years there are elements that tend to adjust. A common example is the age of the property, which influences the aging coefficient. The logic described is that, as a rule, the property depreciates over time, which can cause this coefficient to be lower today than it was at the time of the first evaluation.
The six parameters used in the calculation
The same portal lists six components that are included in the VPT calculation: aging coefficient, base value of buildings, location coefficient, gross construction area, allocation coefficient and quality and comfort coefficient.
As the source explains, these elements may undergo changes due to updating coefficients or changes to the property itself and the data considered. This is why the VPT that is in the property register does not always automatically follow the passage of time or updates to the parameters that the Tax Authority uses in assessments.
How often can you request a new assessment?
The rule is the possibility of requesting, every three years, a revaluation of the VPT from the Tax and Customs Authority, which allows the asset value to be recalculated based on current parameters.
There are, however, relevant exceptions. According to the same source, if the property has been automatically reviewed, as happened last year for many buildings, it may not be possible to request a new free reevaluation before 2027, unless the costs of the procedure are borne or if there have been relevant changes to the property.
Before submitting: the simulator and the property booklet
Before submitting the request, it is worth mentioning that there is a Tax Asset Value simulator that allows you to estimate a VPT based on property data. The comparison is made with the value shown in the property register.
If the value determined in the simulator is less than or equal to what is recorded, there may be a basis to proceed with the revaluation, since the VPT is the starting point for calculating the IMI.
How to place an order and until what day does it count?
The order is made by delivering IMI Model 1. According to the same portal, the request must be submitted by December 31st and takes effect in calculating the following year’s tax.
What changes, in practice, is the VPT that is associated with the property for IMI purposes. Once the revaluation is completed, the tax will be calculated based on the new value shown in the property register.
What data should you have on hand to fill out Model 1
To complete Model 1, it is usually useful to have the information that already appears in the property register and which identifies the property in detail. Among the most relevant data is the matrix article, the identification of the building or fraction, the address and the area elements, such as the gross construction area and other registered areas.
It may also be necessary to confirm characteristics associated with the use of the property and the quality and comfort elements that are registered, in addition to the year of construction, as this is data related to the age of the building. These elements are what allow the VPT to be calculated based on the information that the Tax Authority has available for the property.
When is the effect reflected in IMI
One point that raises doubts is the moment in which the change is felt in the tax. The explanation is that the request submitted in one year has an impact on the IMI payable in the following year. The same example cited states that, if the taxpayer requests a revaluation in 2026, the change will only have an impact on the 2027 IMI.
The practical rule is, therefore, to look at the revaluation as a step that prepares the following year’s tax, and not as an immediate change in the IMI that is taking place.
Also read:
