Posted by: Carlos Tome & filed under IMI Municipal Property Tax.

 Municipal Property Tax ( Municipal Real Estate Tax ) (“IMI”) applies to the taxable assessed value of properties (rural, urban or mixed) in Portugal. It was created by Decree Law no. 287/2003 of 12 November, which approved the “Municipal Real Estate Tax Code”.


— The tax must be paid by those, who are property owners, usufructuaries or superficiaries on 31 December of each year.


— In the case of undivided estates, the tax is owed by the undivided estate, represented by its administrator.


— The taxable assessed value (VPT) is the value of the property recorded in the urban land registry using the valuation as of 12 November 2003, based on the type of property.


— The law defines property as a section of the territory, part of the assets of a legal or natural person, with economic value.


— It also defines property as water, cultivated land, buildings or structures having economic autonomy in relation to their corresponding land, although located in a section of the territory including diverse heritage or not associated with heritage.


— In the horizontal property scheme, each independent unit is considered a property.

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