How can I reduce my IMI taxes?
If your property tax value has not been updated in the last three years it is possible to request a revaluation that may reduce the tax value and consequently your IMI tax bills.
This has no effect on the market value.
Since 2003 any property sale or alteration to the property registration automatically triggered a new valuation but in 2012 there were still over 5 million properties that the government had to update before the year end. The automatic revaluation process took several years and had to be concluded by May 2013. Valuations up to this date had an effect on IMI bills retrospectively to 2012.
A property valuation is based on a series of coefficients including location, size, quality of construction, comfort and the age of the property. The legal coefficient for ‘construction cost’ was reduced in 2012 and many properties are now older than when the last valuation was completed. Consequently it is possible for request an update which in most cases actually reduces the tax value and in turn the IMI taxes due each year.
If you think the tax value of your property as seen on your IMI bills is too high and it has not been revalued in the last three years, it is possible to request a revaluation in the hope of obtaining a reduction.
Sovereign is able to prepare and submit this for you and has successfully reduced IMI tax bills for many clients resulting in savings of thousands of euros. One IMI bill was reduced by over 2000 euros per year!
Sovereign can prepare a simulation prior to submission.
Sovereign - Consultoria Lda
Parque Empresarial Algarve
Tel: +351 282 340480
Fax: +351 282 342259
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.