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Revenues from Taxes on Real Estate Transactions Fell by 19.1% in January
26 February 2019
According to budgetary data from January, the IMT generated revenues of €100.5 million, down by €23.7 million compared to the same period last year.
Revenues from the IMT (Municipal Real Estate Tax) registered a year-on-year drop of 19.1% in January, the first fall in the month of January since 2015.
The strength of the real estate market in recent years – reflected in both in the increase in the number of transactions and property prices – has boosted the revenues stemming from the municipal tax.
Total revenues for last year for the IMT exceeded €1 billion, and revenues from the tax have already surpassed those for the IMI for some municipalities.
The fall in January is a reversal of an upward trend that had held since January 2015. In January 2014, revenues from the IMT totalled 76.2 million euros, later falling to 57.1 million euros at the beginning of the following year.
The IMT is paid before on the sale of real estate and is calculated using the equity value of the property or the value of the transaction, whichever is higher. In cases where the home is the owner’s permanent residence, the government grants an exemption from IMT for buildings worth up to 92,407 euros.
Original Story: Observador / Lusa
Photo: ARSHAD ARBAB / EPA
Translation and editing: Richard Turner