IMI: Last installment today! Keep in mind the additional costs...

In Portugal, the property tax (Imposto Municipal Sobre Imóveis, IMI) is set annually by the municipalities, depending on the location of the buildings. Payment of the IMI can be made in full or in installments. The last installment is due today.

IMI was introduced in Portugal on December 1, 2003 and replaced the local charge (contribuição autárquica). This tax is assessed on the property tax value (VPT) of real estate and includes a flat rate of 0.8% for rural plots (land) and a rate varying between 0.3% and 0.45% for urban buildings (structures and building land). The tax is calculated and collected by the Tax and Customs Authority (AT), but it is the municipalities each year that determine the rate they want' 'taxpayer. During this period, the taxpayer may voluntarily pay the tax owed within 30 days, but will be subject to late fees and legal costs.

The IRS explains that "if the taxpayer fails to pay the tax within the statutory deadline specified in the payment document, regardless of whether the settlement was made on the regular or extraordinary due date, or upon additional settlement, penal interest shall accrue in accordance with Article 44Of the General Tax Law." In addition, it is noted, "failure to pay one installment or annual installment on the due date shall result in the immediate collection of the remaining installments, with penalty interest accruing in accordance with the above conditions".