It is the municipal tax on the taxable value of the property, which is no more than the value registered in the land register, on December 31st of the year the IMI applies to, which is determined by assessment, taking into account the building value per square meter, the area, the allocation, the location, the characteristics of quality and comfort as well as the age of the property. The matrix contains, in particular, the characterization of the property, the location, its taxable value and the identity of the owners. Matrices are updated every year on December 31st.
All property owners, beneficial owners or land-owners as of December 31st of each year have to pay IMI.
In the case of urban real estate - residential, commercial, industrial or for services and others purposes - the payable amount is calculated by applying a variable rate between 0.3% and 0.5%, fixed annually by the municipalities, to the taxable value. In the case of rustic buildings, the rate is 0.8%.
IMI is to be paid annually, always from the previous year, within the following deadlines:
Amount equal to or less than € 250 - An annual payment, in April;
Amount exceeding € 250 and not exceeding € 500 - Two installments, in April and November;
Amount exceeding € 500 - Three installments in April, July and November.
The Tax and Customs Authority services send the necessary billing document before the end of the month preceding the payment date. With this collection document, IMI can be paid at any Tax Office, mail post or through payments to the state by ATM or Home Banking. You can also see the payment reference on the Tax Authority’s Portal.
Bear in mind that if you live outside the European Union you should appoint a representative resident for tax purposes in the country, which can be done at any Tax Office or through the Tax Authority’s Portal.
- Permanent residence
The residential urban buildings constructed, expanded, improved or acquired for a cost, they have a taxable value not exceeding € 125,000, intended for permanent residence of the owner or of his household, whose income for IRS purposes not exceed, in the previous year, € 153,300, provided they are effectively linked for this purpose (permanent residence) within six months after the purchase or completion of construction, can benefit from IMI exemption for a period of three years.
- Urban rehabilitation
The properties that are the subject of urban rehabilitation works may have IMI exemption for a period up to five years, renewable for a further period with the same duration.
If building, expansion, modification or improvement works are made on the real estate, the owner is required to report the occurrence of these events, within 60 days, by submitting the IMI model no. 1 statement at any tax office or on the Tax Authority’s Portal.
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Source: Ministry of Finance