Madeira Island - Funchal Property News
Freehold property in Madeira Island has historically been subject to low annual property taxes (IMI TAX). Many of the buildings in Funchal are centuries old and in a bid to avoid complete degradation and dilapidated ruins the local municipality has just announced an increase in these taxes for 2009. In some instances, taxes could rise up to as much as double or more than the current tax imposed. These measures are intended to motivate owners of old buildings to renovate or rebuild. Present legislation permits the government to take administrative possession and eventual expropriation in extreme cases where owners fail to take suitable measures to remedy the condition of their property.
This action will be beneficial in the long run from all perspectives – and the island’s capital city’s image as a whole.
VIEW NOBREGA REALTY’S BRAND NEW LISTING - 2 BEDROOMED APARTMENT - FULLY FURNISHED AND EQUIPPED WITH LOVELY HARBOUR VIEWS – Live on the outskirts of the city in a tranquil setting – within walking distance to the city centre