Record tax take during 'crazy year’ for real estate

Paul Rees 18 May 2019

property up Last year, 178,691 properties were sold in Portugal, 16.6% more than in 2017, an average of 490 homes per day.

These sales totaled €24.1 billion, 24.4% higher than in the previous year and leading to a record tax take from the Municipal Tax on Real Estate Taxes (IMT) and Municipal Property Tax (IMI).

In the case of IMT, which is calculated from the value of the deed or the Valor Patrimonial of the property, the State received €998.3 million, 20.2% more than in 2017.

This is the highest value since at least 1995, the year in which the National Statistics Institute (INE) started collecting data.

The previous peak was back in 2007, when IMT generated revenues of €972.6 million.

The income from IMI, the annual property tax paid to the Treasury, was €1.663 billion in 2018 - the highest since this tax was created in 2003 when it replaced the Municipal Tax.

"IMI recorded an increase in revenue of 6.2%, which corresponds to a nominal growth of 97.4 million euros," reads the Statistics Institute website.

Comments

+2 #4 AL 2019-05-22 09:18

Quoting Dorothy:

Deirdre. .. didn't understand any of your comment.
Maybe you could have less imagination and produce more facts. ...

You're wasting your time!

+2 #3 Dorothy 2019-05-21 17:06

Deirdre. .. didn't understand any of your comment.
Maybe you could have less imagination and produce more facts. ...

-5 #2 Dierdre 2019-05-19 16:24

At a time of EU right wing parties agitating for nationalism just imagine a less nationalistic Portugal. No longer race blind and actively encouraging Effective Occupation for all - like it says in several chapters in the Teach Yourself EU Treaty Playbook. So generating yet more billions for Portugal through legal, licensed, insured businesses in every sector! I must now lie down - too much imagination running wild makes me giddy.

+3 #1 mj1 2019-05-19 09:15

and may we know where all this extra revenue is spent on :cry: