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Financial section
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PROPERTY VALUATIONS
January 2006
The Portuguese tax department are issuing notifications of valuations of
properties whenever the property changes hands or if the appropriate form
is submitted following an alteration to the property.
The final valuation, shown on the notification form as the “Vt”, is based
on various factors including location, quality and cost of construction,
age and size of the property. As well as the new value of the property,
the notification also lists the property details such as land area,
existence of a garage or pool, the number of rooms etc. This value is then
used to calculate the IMI (rates) amount to be charged each year in April
and September.
It is very important that you check the property details as you only have
30 days in which to appeal against any errors.
If you have recently purchased or sold the property for a declared amount
on the deed (escritura) less than the valuation given then you should
contact your lawyer or tax adviser immediately for further advice as you
may be liable for payment of additional taxes. |
Whilst every effort has been made to ensure that the details contained
herein are correct and up-to-date, this information does not constitute
legal or other professional advice. We do not accept any responsibility,
legal or otherwise, for any error or omission. |
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