The net rateable value of property in Portugal decreased by €4.7 billion between 2014 and 2015 as owners demanded revaluations be carried out.
In 2014, the total asset value of urban buildings in the country was €419.38 billion, falling to €414.68 billion the following year.
Behind this drop is an increase in homeowners' requests for revaluations having seen their property's valor patrimonial increase to unfair levels.
In addition to corrections made during the 2012 evaluation process, the increase in the number of exemptions and the consequent fall in municipal tax raised, led to a decline in State revenue from €1.577 billion to €1.534 billion.
"There has been more attention from taxpayers on this issue," said Paulo Ralha, the president of the Union of Tax Workers, adding that revaluation requests increase when it’s time to pay the annual IMI bill.
The Ministry of Finance said the decrease in the national property equity value is justified by "corrections in the overall assessment of urban property as well as applications for new appraisals."
Any homeowner can request a free update of the equity value of their home, the valor patrimonial, provided the last valuation was three years ago or more.