The deadline for paying the first installment of municipal property tax (IMI) on rural and urban buildings begins this Monday and ends at the end of the month.
The term for paying the IMI amount varies depending on the value of the property, but liquidation begins in May with the first installment.
This will be the only payment if the tax amount is less than 100 euros.
After this amount is exceeded, the tax is divided into two or three stages (depending on whether the total amount is less than or more than 500 euros, respectively) and must be paid in May and November or in May, August and November.
The IMI is levied on the taxable property value (VPT) of the property, assuming a flat rate of 0.8% in the case of village structures (land) and a rate that ranges from 0.3% to 0.45% for urban structures (buildings and land for construction) .
The tax is calculated and collected by the Internal Revenue Service (AT), but the municipalities decide each year what rate they intend to apply in their municipality within the aforementioned intervals.
Although it is expected that the payment of the tax will be divided into two or three stages depending on its amount, the owners can pay it in full in May.
Author: Portuguese
Source: CM Jornal
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