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IMI Brings in Record Receipts for City Councils
30 November 2017
The municipalities will receive €1.54 billion in real estate taxes, according to calculations by the Correio da Manhã.
The Municipal Property Tax (IMI) is expected to yield 1.54 billion euros to Portuguese municipalities this year, the highest amount ever, according to calculations by the Correio da Manhã (CM). The increase in real estate sales is expected to lead to a rise of 4.2% in IMI receipts compared to the €1.47 billion received last year.
The deadline for payment of IMI for properties valued at more than 500 million euros ended last Thursday, November 30. Lisbon benefitted from the most significant income, with revenues reaching 114 million euros, followed by Cascais, with receipts of €50 million and Sintra with €49 million.
Developments in the tax data show that revenues have increased 452 million euros since 2010, due to housing price appreciation and strong sales growth, the CM stated. According to the estimates included in the 2018 State Budget, the trend of increasing revenues related to IMI should continue. 2018 should see an increase of 5% compared to this year, to €1.61 billion.
Original Story: Jornal Econômico
Translation: Richard Turner