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IMI Tax - Does it seem fair to you?
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James Faro
- CVO Legend
- Posts: 3620
- Joined: Fri May 16, 2008 11:12 pm
- Location: Hertfordshire, New York, Dublin and Calonge!
IMI Tax - Does it seem fair to you?
Looking at a number of possible potential houses on the market and to buy in the future, the thought of local municipal tax does not feature as an immediate concern. Of course the issue has to be looked at.
Is it me or do any apartment/house owners find this tax rather unfair if not exorbitant?
I was looking at costings, say for a house worth in euros 530,000 and a IMI tax of 0.8% does seem rather unjust considering what you are getting for it!
I thought, maybe it is 0.08% but no! The figure of 0.8% looks miniscule until you multiply by the market valuation of the price.
A house worth 530,000 Euros will incur a IMI tax of 4,240. In sterling that is about 3.212.00!
I live in Camden North London in one of the high band areas and I pay around 2,800 pounds. London is the most expensive cities in the world, but the Council Tax seems oddly much fairer than the CVO IMI, especially so as house prices in Camden are around four to five times the vaue of CVO.
You expect in any industrial city to pay high council tax for the local infrastructure in social welfare and maintenance.
Be honest what are you getting for your IMI tax there?
Do any expat residents or indeed the Portuguese local population complain and protest about this?
Is the IMI a major bone of contention in Portugal?
Thanks - James
Is it me or do any apartment/house owners find this tax rather unfair if not exorbitant?
I was looking at costings, say for a house worth in euros 530,000 and a IMI tax of 0.8% does seem rather unjust considering what you are getting for it!
I thought, maybe it is 0.08% but no! The figure of 0.8% looks miniscule until you multiply by the market valuation of the price.
A house worth 530,000 Euros will incur a IMI tax of 4,240. In sterling that is about 3.212.00!
I live in Camden North London in one of the high band areas and I pay around 2,800 pounds. London is the most expensive cities in the world, but the Council Tax seems oddly much fairer than the CVO IMI, especially so as house prices in Camden are around four to five times the vaue of CVO.
You expect in any industrial city to pay high council tax for the local infrastructure in social welfare and maintenance.
Be honest what are you getting for your IMI tax there?
Do any expat residents or indeed the Portuguese local population complain and protest about this?
Is the IMI a major bone of contention in Portugal?
Thanks - James
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James Faro
- CVO Legend
- Posts: 3620
- Joined: Fri May 16, 2008 11:12 pm
- Location: Hertfordshire, New York, Dublin and Calonge!
Hi Harlequin,
Thanks for the pm.
To be honest unless I am misreading between the lines, IMI which is the local municipal tax is 0.8% of the market value of the property.
If a house is bought or re-valued at say 500,000 euros then the IMI of 500,000 is Euros 4,000.
Unless the sources I am looking at mean 0.08% then definitely would come into line the figure you were quoting. 0.08% would be around 400 euros!
There must be exemptions or something that has not been disclosed that would inflate the sum I quoted.
4,000 euros or higher for IMI does seem horrifying! You are probably right I will have to divulge further and see where I am going wrong! Research is so important!
I did an earlier posting on expenses and some people seem to agree to the value I quoted for the IMI municipal tax.
Thanks - James
Thanks for the pm.
To be honest unless I am misreading between the lines, IMI which is the local municipal tax is 0.8% of the market value of the property.
If a house is bought or re-valued at say 500,000 euros then the IMI of 500,000 is Euros 4,000.
Unless the sources I am looking at mean 0.08% then definitely would come into line the figure you were quoting. 0.08% would be around 400 euros!
There must be exemptions or something that has not been disclosed that would inflate the sum I quoted.
4,000 euros or higher for IMI does seem horrifying! You are probably right I will have to divulge further and see where I am going wrong! Research is so important!
I did an earlier posting on expenses and some people seem to agree to the value I quoted for the IMI municipal tax.
Thanks - James