Lay My Hat

IMI value of our house

I would like to get our house on Madeira re-valuated... Where can I ask for that ??? On IMi form the value is 25000 euro, it should be at least 160000. Asking price would be 190.000... Is the tax office waiting for a sale and cash on the added value ??? which would be 25 % of at least 135000 euros ???

You may be able to simulate the valuation of your property here.

Taxes on any capital gains will normally be based on the higher of the price paid or the Valor Patrimonial Tributário (to deter underdeclaration).

Annual IMI is charged as a percentage of the Valor Patrimonial Tributário. If the VPT is increased you will pay more IMI.

thanks Richard but that doesn't answer my initial question. I want to apply for a re-valuation of the house and yes then I pay more IMI.

To request a revaluation you use the IMI Modelo 1 form as described here.

The Portal das Finanças wouldn't allow me to submit the form online (either because I am non-resident in Portugal or not a Portuguese citizen, I don't remember) so I had to submit my request in person, when I applied for a revaluation which I hoped would reduce my VPT.

Unless you have substantially improved or enlarged the property the VPT is unlikely to increase significantly and it may actually decrease as the property ages. A property that is over 60 years old has a VPT that is 40% of the VPT of an otherwise identical new property. That is why I suggested using the simulation, so you will have an idea of the expected result.

Our revaluation of an unmodified property resulted in a nearly 25% reduction in the VPT and therefore our IMI payments. I wish I'd done it sooner.

thank you so much. We are not residents either but finanças think my partner is because we have an AL licence. Anyway i can ask my accountant to have a look at it because the hosue is completely restored and has an addition to it which contains the kitchen and a bathroom plus bedroom. We are in rural area next to the National Park of Madeira. So at the moment we are not paying any IMI. God knows why not.

I have an AL licence and am known to be non-resident. You may not be paying IMI because there are various automatic exemptions for combinations of low VPT and low income which are only available to residents. You might be better to fix that first?