All taxpayers who own property (houses, shops, garages, among others) must pay the tax every year, for which a letter with the amount and payment details is sent by April 30th. However, the payment deadlines differ depending on the amount to be paid.

For taxpayers with an amount over 500 euros, the IMI can be paid in three instalments: one in May, one in August and one in November. For taxpayers with a value between 100 and 500 euros, payment is made in two instalments: May and November, while taxpayers with a value equal to or less than 100 euros have a single instalment to pay in May.

Taxpayers can pay the full amount of the tax in one go, with the total amount being stated in the letter sent with the amount to be paid in May. In the event of failure to comply with the deadline, taxpayers may have to pay interest on arrears or even a fine, according to the General Regime of Tax Offences.

The IMI rates are set annually by the municipalities where the properties are located, varying between 0.3% and 0.5% for urban properties and 0.8% for rural properties.

This rate may, in the specific circumstances of paragraph 18 of that article, go up to 0.5%.