IMI could grow by more than 6% as early as next year.

Portugal is in a period of uncertainty. The President of the Portuguese Republic has announced that elections in our country will be held as early as March 10, 2024. According to the latest data, the property tax (IMI) could increase by more than 6% as early as next year.

Municipal property tax (IMI) rates are set annually by the municipalities where buildings are located. Payment can be made in full or in installments.

According to tax expert Thiago Caiado Guerreiro... There is a ruling that will''update the IMI (...) this would be an update of 6.75%, which is a very high update because, as we know, the expected inflation for the budget is 2.9% and the tax is updated at more than twice the inflation rate.

So, having done the calculations, the IMI of 500 euros is increased by 33 euros and is now 533 euros per year. The National Owners Association reminds that the IMI code provides for such an update every three years of the property value, but it is not carried out.

SIC contacted the tax office to find out whether the update would be carried out, but it was not possible to get a response in time.

Finance Minister Fernando Medina

assured that the IMI will not be raised next year, in October in the''parliament.