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IMI property tax
IMI property tax
We have a T1 on Rocha Brava. Just received details of re-valuation for IMI and it seems to have increased vastly.
Can anyone give me a clue please, what this means in terms of the amount of tax we will pay:
Area bruta privativa; declared 65,000 final 70,700
Area bruta dependente; declared nil final 6,800
Permilagem; declared 40,000 final 400,000
Idade; final 19.
Valor patrimonial tributario
Vt 103,110,00=Vc 600,00 x A 80,9950 x Ca 1,00 x Cl 2,40 x Cq 1,04 x Cv 0,85.
Any help will be much appreciated.
Cheers,
Ian.
Can anyone give me a clue please, what this means in terms of the amount of tax we will pay:
Area bruta privativa; declared 65,000 final 70,700
Area bruta dependente; declared nil final 6,800
Permilagem; declared 40,000 final 400,000
Idade; final 19.
Valor patrimonial tributario
Vt 103,110,00=Vc 600,00 x A 80,9950 x Ca 1,00 x Cl 2,40 x Cq 1,04 x Cv 0,85.
Any help will be much appreciated.
Cheers,
Ian.
Hi Ian,
I went to Finanças last week to check some things regarding both IMT and IMI taxes. Whilst I got all the information I needed regarding IMT, I was told (roughly translated) that IMI was calculated in a manner not for public consumption!? I didn't really get any further, except to find out that my friend's land values were calculated according to what type of tree classification each part fell under and I don't think you have to worry about that up at Rocha Brava!
What I have found out via the web is as follows: The range is between 0.4% and 0.8% of the Valor Patrimonial.
However, most people's Valor Patrimonial aren't in line with the real market value and they are being systematically reviewed, especially when a transaction takes place. A programme of general updating in line with past inflation, starting with the 2003 returns is taking place.
The new Valor Patrimonial values will that take into account such things as the size of the property and grounds, the location and the quality of the build. In the majority of cases the increase in registered value is going to be substantial.
Not sure if that helps or not. You could try going to your local Finanças to get more information. You never know, you might have better luck than me!?
I went to Finanças last week to check some things regarding both IMT and IMI taxes. Whilst I got all the information I needed regarding IMT, I was told (roughly translated) that IMI was calculated in a manner not for public consumption!? I didn't really get any further, except to find out that my friend's land values were calculated according to what type of tree classification each part fell under and I don't think you have to worry about that up at Rocha Brava!
What I have found out via the web is as follows: The range is between 0.4% and 0.8% of the Valor Patrimonial.
However, most people's Valor Patrimonial aren't in line with the real market value and they are being systematically reviewed, especially when a transaction takes place. A programme of general updating in line with past inflation, starting with the 2003 returns is taking place.
The new Valor Patrimonial values will that take into account such things as the size of the property and grounds, the location and the quality of the build. In the majority of cases the increase in registered value is going to be substantial.
Not sure if that helps or not. You could try going to your local Finanças to get more information. You never know, you might have better luck than me!?
-
Aardvark
IMI
This as a bit of a mixture of 1st and 2nd hand info
As most people have sussed Rateable Values are being re-assessed. I'm told new purchases are being dealt with under the new regime and then camara are working on the backlog. I think there are 6 million+ properties in Portugal and saw 10 years as the likely timescale. A large increase in IMI was anticipated and as a result there is a safeguard in place (Cláusula de Salveguarda) which says that no one should pay more than €60 extra over normal increases this year. I believe this applies to '08. This safeguard is not available to people in "black" offshore companies.
The IMI should be between 0.4 and.0.8% of this (It used to be between 0.7 to 1.3%) So a smaller % of a larger VT but with a safeguard to prevent dramatic increases unless you are off shore.
Calculating the new VT is supposed to be on the basis of inflation since the last assessment plus various factors which will vary according to your area such as cost of build per M3, area of house and land, location, quality and comfort and age of property.
Take out the gold taps, disconnect the Jaccuzzi and screen the sea view.
As most people have sussed Rateable Values are being re-assessed. I'm told new purchases are being dealt with under the new regime and then camara are working on the backlog. I think there are 6 million+ properties in Portugal and saw 10 years as the likely timescale. A large increase in IMI was anticipated and as a result there is a safeguard in place (Cláusula de Salveguarda) which says that no one should pay more than €60 extra over normal increases this year. I believe this applies to '08. This safeguard is not available to people in "black" offshore companies.
The IMI should be between 0.4 and.0.8% of this (It used to be between 0.7 to 1.3%) So a smaller % of a larger VT but with a safeguard to prevent dramatic increases unless you are off shore.
Calculating the new VT is supposed to be on the basis of inflation since the last assessment plus various factors which will vary according to your area such as cost of build per M3, area of house and land, location, quality and comfort and age of property.
Take out the gold taps, disconnect the Jaccuzzi and screen the sea view.