IMI Deadline Approaching: Pay Your Property Tax by Month's End
The IMI, or Municipal Property Tax, is an annual obligation for property owners in Portugal. This tax applies to various types of properties, including houses, shops, garages, and more. Ensuring compliance with Portuguese law, property owners must pay this tax every year. This year the deadline is 31st of May 2024. Payment schedules vary depending on the tax amount.
Payment Schedules and Amounts:
- For taxes equal to or less than €100: The entire amount is due by the 31st of May.
- For taxes between €100 and €500: The amount can be paid in two instalments. The first instalment is due by the 31st of May, and the second by the 30th of November. Alternatively, the full amount can be paid by the 31st of May.
- For taxes greater than €500: The tax can be paid in three instalments, due by the 31st of May, 31st of August and 30th of November. Alternatively, the full amount can be paid by May 31st.
How Can I Choose Between Instalments or Pay in Full?
To comply with state tax regulations, you must select your preferred payment method: whether in instalments or in full. Taxpayers need to register on the Tax Authority’s portal. After registration, they should proceed to the relevant section of the portal to find the payment details. Additionally, taxpayers will receive notification by mail from the Tax Authority, which will include the payment details.
It's important to note that all communications from the Portuguese Tax Authority are in European Portuguese, so it's advisable to understand the language in order to comprehend these communications and fulfil tax obligations.
It's crucial to mention that if you haven't received the notification containing the payment details from the tax authority via mail or email, it's essential to ensure you meet the deadline. Failure to do so may result in penalties being imposed on the taxpayer.
Belion Partners has developed a specialised service to ensure that our clients stay informed about all communications from the Portuguese tax authority and meet all legal deadlines.
Contact us to learn more about how we can assist you.
How is IMI Calculated?
The Municipal Property Tax (IMI) is calculated annually by local authorities based on the Taxable Asset Value (VPT) of the property. The IMI is a small fraction of the VPT. Since not all influencing factors to create this value are updated by the Tax Authority, it might be beneficial to request a re-evaluation of your property to ensure accurate taxation. The deadline to request a re-evaluation is the 31st of December 2024.
If you have any questions regarding the IMI or other tax matters, Belion Partners is here to help.
Reach out to us for expert guidance and support.
Belion Partners LLP | Registered in England, No. OC382877 | VAT Reg. No. GB 157104723
Registered office: 5 St John's Lane, London EC1M 4BH, United Kingdom | tel +44 203 004 8972
Belion Portugal | www.belionportugal.com | A Belion Network Member
Lisbon: Av. Antonio Augusto de Aguiar 74, R/c Dto, 1050-018 Lisboa, Portugal | tel +351 211 450 644
