IMI Rate Hikes

[SAM SPARKLE]

http://www.algarveresident.com/0-48441/ ... rate-hikes

[widge]

"The new tax values are based on property details held at the local councils so any structural alterations or improvements will be reflected in the valuation. These valuations should be carefully checked and mistakes reported within 30 days as errors can result from the transfer of information from the local councils to the tax department."

Interesting article Sam, any idea when the new valuations will be complete or how you access them for checking?

[SAM SPARKLE]

They should be complete by the end of this year and I suppose you contact your local Council (Camera) for valuation.

[cereza]

Thanks Sam - really cheered me up

[joeysoap]

Everyone caught by the increase in the rate though. Lagoa currently charge .38% on 'newer' properties and according to the article this can increase to .5%.

[widge]

Everyone caught by the increase in the rate though. Lagoa currently charge .38% on 'newer' properties and according to the article this can increase to .5%.

Yes it's interesting how the rates change. In 2005 I paid .7% & then later that year they revalued the property (doubled) & lowered the rate to .5% & now I pay .38% but the valuation still seems low.

In any event compared to the UK rates I pay significantly less in Portugal & realise that IMI will have to increase to more realistic levels.

[sam]

Well they say they are on schedule to complete valuations by end of 2012 - that will be a first for Portugal!
Not sure if true, but I was told that the people doing the valuations were not being paid much, so valuations were not getting done. Will just have to wait & see what develops.

[Geriatric]

Under the recent budget for 2013 the rules for reducing the amount payable on large increases in IMI has been scrapped and the full amount will be payable.

[alf1956]

they are being very short sighted here as if they impliment big increases it will have the opposite effect&people will move out of portugal & they will lose several income streams & not just the imi tax.its like having a pub with little or no customers so you increase the beer prices to try to make more money then you drive the customer away!,it just wont work.

[maccasa]

Ive just paid my second instalment for 2012 and just noticed that the tax actually went DOWN from last year by ~13% - puzzled!

[Polli62]

some news from algarvedailynews re mansion tax
http://algarvedailynews.com/news/7775-p ... ome-owners
http://algarvedailynews.com/news/7616-g ... rty-market