IMI tax calendar: Do you know when to pay this tax?

Buying a house in 2024? Talk to the real estate agency Casa no Minuto, and with the credit intermediaries of Poupança no Minuto in case of housing credit. 

Who is due IMI?

The Municipal Property Tax (IMI) is due by owners, usufructuaries, or superficiaries of buildings by December 31 of the year to which the tax relates. The tax must be paid annually and is based on the Taxable Market Value (VPT) of the properties held in the previous year.

That is, if you bought a property or land by the last day of 2023, this year you will pay the property tax related to that acquisition.

The IMI value to be paid is calculated through factors such as the property's purpose, whether it is rural or urban, and the annual fixed rate set by the municipality where it is located - between 0.3% and 0.45% for urban buildings, and 0.8% for rural buildings.

What situations allow for IMI exemption?

Before we know the dates on which you have to pay IMI, know that there are situations in which you may be exempt from this payment.  

So, are entitled to permanent exemption if: 

• If the property or land is intended for own and permanent housing and the household receives an annual gross income not exceeding 2.3 times the value of the Indexante dos Apoios Sociais (IAS 2023 - 480.43 euros), that is, 15,469.85 euros;
• The property or land must be your permanent residence and the VPT must be less than or equal to 67,260.20 euros.

Your right to temporary waiver if: 

• The property or land does not have an RV of more than 125,000 euros and is your fiscal residence;  
• The family's annual income does not exceed 153,000 euros.

The permanent exemption will be automatically assigned by the Tax Authority every year, and the temporary one must be requested, being granted for three years for families without debts to the State, and twice for each taxpayer or household.  

When do I have to pay the IMI?

IMI can be paid in several installments, but it depends on the amount owed.  

That is:

• If the amount to be paid is up to 100 euros, only one installment is required by May 31st; 
• If the amount to be paid is between 100 and 500 euros, you can pay in two installments: the first one by May 31 and the second installment by November 30.  
• If the amount is over 500 euros, you can split it into three installments, paying the first until May 31, the second until August 31, and the third and final until November 30.

You should also know that, even if the amount to pay is over 100 euros, you can always pay in a single installment.

So, remember: being a property owner entails responsibilities such as paying these taxes, for which you must prepare and have your finances organized.

To buy or sell a house in 2024, you already know: You can count on the help of real estate consultants from Casa no Minuto and with credit intermediaries from Poupança no Minuto (for housing loans or other financing).