How to calculate IMI and Pay less IMI

How to calculate the IMI-Municipal Property Tax

In order to calculate the IMI-Municipal Property Tax, it is first necessary to identify the IMI rate per Municipality, in which the property is built. Then check if the IMI Familiar is applicable and, finally, you are in a position to assess whether you can find a way to pay less IMI. So, let's explain how to calculate the IMI of a property.

Reading Time: 4 minutes

The IMI Rates by Municipality

The Municipal Property Tax (IMI) rates are set annually by the Municipalities where they are located.

These rates are currently between 0,3% and 0,45% for urban buildings and 0,8% for rural buildings, under the terms of article 112 of the IMI code.

The IMI rates in each District and Municipality can be consulted at Finance Portal.

Example of IMI Rate by Municipality

Once positioned on the Finance Portal, select the following fields, in sequence: “Citizens”, “Services”, “Municipal Property Tax”, “IMI Taxes” and “Consult Municipality Taxes”.

After this sequence, you are positioned on the screen as shown below.

Consultation IMI rate by Municipality, District Faro, 2021
Consultation IMI rate by Municipality, District Faro, 2021

Once here, put the year and the desired district and click on “Continue".

All Councils in that district are listed as follows.

How to calculate IMI, IMI rate by Municipality, Family IMI, Municipality Faro, 2021
How to calculate IMI, IMI rate by Municipality, Family IMI, Municipality Faro, 2021

The Municipality of Faro, for example, has an IMI rate of 0,30%, according to the Municipal Property Tax Code, IMI.

On the right side of the table, clicking on the “+ Info” we can find out what the deductions are in IMI Familiar.

How to calculate IMI

The formula for calculating the IMI is as follows:

Calculation of IMI = Municipality IMI rate x Tax Asset Value (VPT) of the Property

Let's see how you can calculate the IMI with this example:

Let's assume that you own a building with a Tax Asset Value (VPT) of 235.000 euros, located in Faro. The IMI rate applied in 2022 (relative to the 2021 tax) is 0,30%.

The IMI calculation for 2021 is then 235.000 x 0,30% = 759 euros.

If you are looking to know how to pay less IMI, see below.

Deductions to be affected by the effect of the family IMI

For most municipalities there are deductions from the IMI, per household.

As mentioned, clicking on the “+ Info” appears the next screen, with the fixed deductions that apply to the household.

Pay less IMI, with Family IMI, Municipality of Faro, 2021
Pay less IMI, with Family IMI, Municipality of Faro, 2021

In Faro, for example, a family with 3 children can deduct €70.

How to pay less IMI due to the revaluation of the Property Tax Asset Value – VPT

To assess the possibility of reducing the IMI, it is necessary to carry out a simulation, to calculate the Tax Asset Value (VPT) of the Property.

If the result of this simulation is lower, it may justify making a IMI revaluation request, concerning the taxable value of the property, addressed to the Finance Service (AT).

This process is a way to eventually be able to pay less IMI.

It is possible to do so every three years at no cost, and the request must be made by December 31st.

Then, wait for the AT to confirm whether you can pay less IMI.

To deepen the questions about the calculation of the IMI, you can consult the Municipal Property Tax Code.

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