 |
Property Taxes in Portugal |
|
When buying a property in Portugal you have to pay purchase taxes for properties over 92,407. These are calculated on a per cent basis, which are on a sliding scale relating to the value of the property you wish to purchase.
Resales properties - including ruins, land, old houses - are subject to Imposto Municipal Sobre as Transmissυes (IMT) tax. This must be paid up to three days prior to Escritura. The level of tax levied is on a sliding scale and is a percentage of the purchase price.
If the property is your sole residence then the taxes are levied as follows: |
||
| under 92,407 | 0% | |
| 92,407 - 126,403 | 2% minus 1,848.14 | |
| 126,403 - 172,348 | 5% minus 5,640.23 | |
| 172,348 - 287,213 | 7% minus 9,087.19 | |
| 287,213 - 574,323 | 8% minus 11,959.32 | |
| Over 574,323 | 6% | |
| If the property you are purchasing is a second property such as a holiday home then the taxes are calculated as follows: | ||
| under 92,407 | 1% | |
| 92,407 - 126,403 | 2% minus 904.18 | |
| 126,403 - 172,348 | 5% minus 4,614.64 | |
| 172,348 - 287,213 | 7% minus 7,987.40 | |
| 287,213 - 574,323 | 8% minus 10,797.70 | |
| Over 550,836 = 6% | ||
Agricultural (rustico) is charged at the flat rate of 5%, whereas Urban land (urbano) is charged at a rate of 6.5%. |
||
If you are unsure how much the IVA or IMT will be, it is advisable to check with the local Financas before you enter into a Promessa Contract. |
||
| The above figures were current as of January 2011. | ||