IMI (Rates) Exemption Periods Lengthened

The government has announced the lengthening of the periods of IMI (annual rates on a property) exemption and this will include 428 thousand residences acquired after 2004.

Properties, which are this year still within the 3 or 6 year exemption period, having been re-valued since January 2004 markedly lower than 236.000 Euros, will see their IMI exemption period automatically extended.

According to the paper approved by the government, properties with a valor patrimonial tributário of up to 157.500 Euros, which have been given a 6 year exemption, will see an automatic extension of 2 more years. Properties whose valor patrimonial tributário varies between 157.500 and 236.250 Euros will see the exemption extend by 3 to 4 years.