Forty-nine municipalities in Portugal have decided to reduce the Municipal Property Tax (IMI) rate for the year 2024. This growing trend reflects an option on the part of local authorities to adopt the minimum rate of 0.3%, seeking to alleviate the tax burden on taxpayers.

IMI is an annual tax that is levied on the value of taxable real estate in the national territory. According to Executive Digest, the rate is established annually by local authorities, who are responsible for setting the tax value within the margin defined by the Local Property Tax Code (CIMI). Currently, this range varies from 0.3% to 0.5% for municipal buildings assessed under the IMI code, and from 0.5% to 0.8% for the remaining municipal buildings.

The updated IMI rate is applied annually and can be consulted on each municipality's financial portal. Based on Negócios calculations, 49 municipalities chose to reduce the IMI in 2024. Currently, 195 municipal councils already adopt the minimum rate of 0.3%, covering 25.4% of the population residing in Portugal.

To check whether your municipality has decided to reduce or maintain the IMI value in 2024, you can consult the list available on the Finance Portal here.

This measure reflects the concern of municipalities in providing tax relief to taxpayers, especially in the current economic context. The IMI reduction may represent a slight financial relief for property owners and contribute to a more equitable distribution of the tax burden.