Higher property taxes for good sun exposure and fine views, the so-called ‘sunshine tax,’ will not apply to properties with a rateable value of under €250,000.
Parliament today approved a proposal from Portugal’s Communist Party that limits the 5% Imposto Municipal sobre Imóveis (IMI) sunshine tax increase for properties with a rateable value below €250,000.
The parliamentary committee for Budget, Finance and Public Administration approved this Wednesday, 19 October, the Communist proposal to limit the increase that was to enable increases of up to 20% or a decrease of 10% in the assessment of properties to determine their taxable values.
The measure has been controversial, provoking challenge from left and right wing parties so a parliamentary review was requested and several amendments were presented.
The happy result is the €250,000 ‘valor patrimonial tributário’ limit for the 'sunshine tax.'
"The Communist Party’s initiative was approved so the overwhelming majority of homes that have a patrimonial value of up to €250,000 will not have any increase in the tax," explained Algarve MP, Paulo Sá.
