The deadline for paying the Municipal Property Tax (IMI) on rural and urban buildings began on the first day of May, and owners can pay the tax until the end of this month. Do you still remember the deadlines?

Let's do it by steps. First of all, it is important to emphasize that the IMI is a tax that is levied on the taxable asset value (VPT) of buildings (rustic, urban or mixed) located in Portugal.

"It is a municipal tax, the revenue of which reverts to the respective municipalities", explains the Tax Authority (AT), in response to the 'Frequently Asked Questions' on the Finance Portal.

What is the payment due in May?

At stake is the first installment of IMI, which is the only payment if the tax amount is less than 100 euros.

Once this amount is exceeded, the tax is divided into two or three phases (depending on whether the total amount is, respectively, less than or greater than 500 euros) to be paid in May and November or in May, August and November.

The IMI, remember, is calculated and charged by the AT, but it is the municipalities that decide, every year, which rate they intend to apply in their municipality, within the aforementioned intervals.

It is also up to the municipalities to decide to apply the increased rates of IMI to vacant or dilapidated properties, and for this settlement 24 were those that communicated to the Tax Authority their intention to make use of this penalty.

Font: Notícias ao Minuto