The CIMI property tax rates have been published and despite the lack of local government funds and the crisis hitting all the local councils, the good news for most property owners is that many of the local tax departments have opted to retain their tax rates used for the IMI calculations at the same rate as for 2011.  Some have even lowered them as is the case for Alcoutim, Lagoa, Silves and Vila do Bispo.

Does your property have a tax value (as seen on the IMI property tax bills) of €1,000,000 or more? The Portuguese tax department will be issuing additional stamp duty demands in respect of all properties where the tax value on the 31st October 2012 was 1 million euros or over.