Understanding how much you will pay in IMI is essential to ensuring a balanced family budget.
The Municipal Property Tax (IMI) is an annual tax levied on the ownership of properties located in Portugal. The amount of the tax is calculated based on the property’s Taxable Asset Value (VPT), the IMI rate applied by the local authority and, in the case of families with children, the family discount.
To calculate the IMI in 2024, property owners can use Doutor Finanças’ IMI Simulator, which is now available. This tool is free and easy to use, and allows you to calculate the amount of tax quickly and accurately.
How does the Doutor Finanças IMI Simulator work?
To use the Doutor Finanças IMI Simulator, simply follow these steps:
Select the municipality where your property is located.
Choose the type of property.
Indicate the number of dependent children.
Enter the property’s VPT.
Once you have entered this information, the simulator will calculate the amount of IMI you will have to pay. The result is presented clearly and concisely, including the total amount of tax, the number of installments the payment can be divided into and the amount of each installment.
What factors influence the value of IMI?
The value of IMI is calculated based on the following factors:
Taxable Asset Value (VPT): The VPT is an estimate of the property’s market value. It is calculated by the Tax and Customs Authority (AT) based on various criteria, such as the location of the property, its area, its type and its state of repair.
IMI rate: The IMI rate is set by the local authority. In 2024, rates can vary between 0.3% and 0.45% of the VPT for urban buildings.
Family discount: Families with children are entitled to a discount on IMI. The amount of the discount varies depending on the number of children, with a minimum of €30 and a maximum of €140.
New rules for IMI in 2024
In 2024, new IMI rules came into force, namely:
Increase in the family discount: The value of the family discount was increased in 2024. Families with one child are entitled to a €30 discount, families with two children to a €70 discount and families with three or more children to a €140 discount.
Additional penalty for vacant properties: Municipalities can apply a higher IMI rate to owners of properties that are not in use. This measure aims to reinforce the commitment of the Mais Habitação program.
Knowing how much you will pay in IMI is essential to ensuring a balanced family budget.