PORTUGAL | MADEIRA REAL ESTATE TAX REDUCTION I.M.I.
Annual taxes on property, namely “IMI” (imposto municipal sobre imoveis), is calculated by the local municipality where the particular property is located. The Portuguese government has announced a decrease this month on IMI Tax. Every 3 years and after property owners’ objections and suggestions have been taken into consideration, adjustments are then made to this tax. In line with the current global economic recession this year, decreases on the calculation formula were approved. The adjustment reductions were calculated and based on the coefficients of localization and included the extension of some exemption periods. In most municipalities, there will be reductions and in some cases IMI will remain the same as for the past 3 years. Those who wish to purchase property in Madeira Portugal this year will benefit from this new reduction in IMI taxes.