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Castro Marim Council's 2019 budget includes rise in IMI property tax

castromarimviewCastro Marim Council has approved its 2019 budget which, with EU funds included, means a spend of just over €20 million.

Projects include building the Centre for Nautical Activities at the Odeleite reservoir, the footbridge between Altura and Manta Rota, improvements to the water supply network and the reopening of the east gate of Castro Marim Castle.

Revenue projections are down, caused by the reduction of property tax income (IMI), the cut in the Council’s take from income tax paid by residents and a sharp reduction in State funding.

The Council also faces difficulties in securing national contributions for carrying out co-financed works.

IMI will be increased to 0.38% (from 0.3%) so that projects relevant to the development of the municipality, from the point of view of economic, social and cultural growth, can go ahead as a further €2 million should flow in despite around 600 homes being exempt.

The additional money will go towards the local Bombeiros and the local school and a care unit, among other facilities.