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CHANGES IN PROPERTY TAXATION As a result of changes brought
about by Law no. 64/2008, of 5th of December 2008 there are some
alterations to the Municipal Tax (IMI) charged by local Councils.
These changes are intended to help to reduce the tax effect suffered by
property owners in the face of the current economic crisis. The
percentage rate now applicable in respect of existing property (i.e. not
yet revalued under the new CIMI scheme) is from 0,4% to 0,7% maximum.
For new properties, and any that have been revalued under CIMI scheme, the
rates are now between 0,2% and 0,4% maximum. In addition the exemption
period for payment of IMI available to bona fide residents has been
extended as follows:
Properties with tax value (VT) up to Euros 157,500 – 8 years exemption
Tax value from Euros 157,500 up to Euros 236,250 - 4 years exemption
Above Euros 236 250 no exemption is available.
Sovereign - Consultoria Lda
Parque Empresarial Algarve, 8400 - 431 Lagoa, Portugal
Telephone Number: (351) 282 340480 * Facsimile Number: (351) 282 342259
E.mail: port@sovereigngroup.com
www.SovereignGroup.com/portugal
Important Notice
Whilst every effort has been made to ensure 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.
01.04.2009
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