Today marks the start of the second instalment of the Municipal Income Tax (IMI) for taxpayers with property valued over €500.
The deadline for payment of the last instalment, including for those whose amount to be paid exceeds 100 and is less than 500 euros (in this case, the second instalment), ends on 30 November.
IMI is paid in one lump sum during May when its value is less than €100. If the amount is between €100 and €500, it can be divided into two payments, payable in May and November. If the amount exceeds €500, it is divided into three parts, payable in May, August and November.
The tax is levied on the taxable value of real estate assets, including a flat rate of 0.8% for rural buildings (land) and a rate that varies from 0.3% to 0.45% for urban buildings (buildings and land for development).
It is calculated and collected by the Inland Revenue Service, but it is the local authority that decides each year what rate it wants to apply in its municipality within the above-mentioned ranges, and it is also up to them to decide whether to join a family. IMI is a mechanism that provides discounts to families living in a house, or applies higher rates to empty or dilapidated buildings.