Exchange of real estate
In this case, you will only pay IMT if the real estate exchanged is given different values, or if there is a difference between their assessed values.
Only those handing over property of a lesser value and paying the difference in cash, or those receiving a property with a higher assessed value in the case of an equal exchange, will pay IMT.
If the property of higher value is intended exclusively for residential purposes, there is also exemption from IMT, or a reduction in the tax rate.
Example:
If you exchange land for construction in the amount of €124,700 for a flat in the amount of €221,500, €96,800 will be subject to IMT (the difference in value between the properties exchanged = amount payable in cash).
The calculation is done as if the property was purchased at only €96,800.
If the difference between the taxable assessed value of the two properties (value per legal description, subject to Municipal Real Estate Tax [IMI]) exceeds the difference between the amounts given by the parties, this will be subject to IMT.
