brytfmonline

Complete News World

IMI value will reflect the second valuation of the house due to distortion of the market value

IMI value will reflect the second valuation of the house due to distortion of the market value

The result of requests for a second assessment of the taxable value of the homes, justified by the fact that they are distorted compared to the market value, will now be reflected in the IMI payable by the owner.

This measure is included in the State Budget Proposal for 2022 (OE2022) and will allow, unlike what is currently happening, the result of a second property appraisal to give IMI the same treatment that was already given today by the IRS, IRC or IMT.

The IMI Act states that if the taxpayer, municipality, or chief finance officer disagrees with the result of a direct appraisal of urban property, they may request or promote, respectively, a second appraisal, which shall have a period of 30 days in order to do so from the date of notification to the taxpayer. .

This second assessment may be requested, among other reasons, when there is a distortion between the VPT of the property (to which the IMI is applied) and the normal and market value.

In these cases, a second evaluation is conducted by a panel that develops a new VPT. However, in light of the applicable legal rules, the result of this second assessment based on distorting market values ​​is taken into account only for the purposes of the IRS, IRC or IMT, but not the IMI.

However, as Lusa Ricardo Reyes, of consultancy Deloitte, points out, the OE2022 proposal extends the result of this new assessment to IMI.

In this way, the inspector explains, the municipal property tax will also be calculated based on the VPT specified within the scope of this second assessment, which will eventually lead to a reduction in the tax owed annually by the owner.

See also  The letter "M" remains on the brand - Executive Summary

At the eleventh night, the government handed over to the Assembly of the Republic the proposal OE2022, which predicts that the Portuguese economy will grow by 4.8% in 2021 and 5.5% in 2022.

The first parliamentary debate for OE2022 will take place between October 22 and 27, the day the public vote will take place. The final global vote is scheduled for November 25 at the Portuguese Parliament in Lisbon.