What is IMI, and when do I have to pay it?
IMI is the yearly tax on whoever owns a property on 31 December. It is worked out on the rateable value (VPT) at the municipality's rate, between 0.3% and 0.45%.
What IMI is
IMI — the municipal property tax — is a yearly tax paid by whoever owns a property on 31 December each year. The revenue goes to the municipality where the home sits.
How it is worked out
The amount depends on the property's rateable value (VPT) and the rate set by the municipality, around 0.3% to 0.45%. It has nothing to do with the loan: you pay it whether the mortgage is running or already cleared.
When and how you pay
It is paid the following year, in one or several instalments across the year depending on the amount. The bill comes from the Tax Authority.
Worked example
For a property with a rateable value of €150,000 and a municipal rate of 0.35%, the yearly IMI is around €525 (150,000 × 0.35%). Above certain amounts it is split into instalments. (Example figures; the rate varies by municipality.)
Sources
Susana Vasconcelos
- Intermediária de crédito autorizada pelo Banco de Portugal n.º 0008496
- Mais de 10 anos na banca