Owners whose property values fall within the scope of the Additional IMI (AIMI) can start paying tax from this Sunday.
AIMI is payable in one instalment during September and the tax applies to individuals who own real estate with a total tax asset value (VPT) exceeding €600,000.
To calculate the tax, the Tax and Customs Authority (TCA) takes into account the VAT of real estate objects included in the matrices as of January 1 of the year to which the AIMI relates.
AIMI applies to city buildings (including development land) other than those classified as “commercial, industrial, or service” and “other,” and to “housing” included in the Rental Assistance Program.
Property that was exempt from IMI or not subject to IMI in the previous year is also outside the scope of this tax.
The additional IMI, created during the first government led by António Costa, includes different rates depending on whether the property owner is an individual or a company.
Thus, while in the case of companies the tax rate is 0.4% and is levied on the entire value of the assets of urban residential buildings and building land that they own, in the case of individuals there are three tiers of rates: one of 0.7% for the net value of the property exceeding 600 thousand euros and up to one million euros; another 1% if the value exceeds one million euros; and a third rate of 1.5% for amounts over two million euros.
Couples who have chosen (and informed AT) joint taxation can double the amount of tax exemption for each of the tax levels (up to €1.2 million; €2 million and €4 million).
These three levels of rates and VAT also apply to buildings owned by legal persons used for the personal use of the owners of the relevant capital, members of the corporate bodies or any administrative, management or control bodies or their respective spouses, ascendants and descendants.
For buildings owned by organisations that qualify for a more favourable tax regime (‘offshores’), the applicable rate is 7.5% – this increase does not include buildings owned by individuals.
AIMI is also payable for an undivided inheritance and can be applied to the entire inheritance or to the share of each heir if they notify this intention to AT, a procedure that must be indicated by the head of the couple and confirmed by all heirs annually.
The proceeds from the additional IMIs go to the Financial Stabilisation Fund for Social Security (FEFSS).
According to statistics published by AT, AIMI’s revenue in 2023 was €146.21 million, an increase of approximately €2.2 million compared to the previous year.
Of this amount, 31.2 million euros were paid by individuals and 115.1 million euros by collective taxpayers.