PONTA DO SOL : REAL ESTATE TAX NEWS – MADEIRA ISLAND
At a recent meeting, the president of Ponta do Sol’s town council, Rui Marques, once again proposed that no increase in the annual municipal property tax, IMI, be implemented for the year 2009 in his township. Rui Marques has managed to maintain the municipal property tax in his region at the same rate since taking office many years ago.
Even though IMI taxes are an important income source for municipalities’ treasury budgets, local Ponta do Sol residents stand to benefit from the president’s incentive and furthermore, maintaining low rates spurs demand for real estate investment in area. Municipal tax rates are currently calculated at less than property market values; presently the IMI tax on urban real estate (i.e. houses construction and land) is calculated at 0.6% on the tributary value and for newer properties, registered after the 13th November 2003, a rate of 0,35% is applicable according to the determined Municipal Property Tax Code – CIMI - (Codigo de Imposto Muncipal sobre imóveis).
PONTA DO SOL BEACH - WESTERN COASTLINE - MADEIRA ISLAND