IMI Guide

The payment of the IMI - Municipal Property Tax started at the beginning of May. Despite the atypical period, generated by the Covid-19 pandemic, the Government has already indicated that there will be no postponement of the payment of this tax.

 

The IMI is updated and charged annually to owners of real estate or land by the respective municipalities where they are located. Although its collection is made by the central services of the Directorate-General for Taxes, IMI´s revenue belongs to the municipalities, and Finance is responsible for handing over the funds to the municipalities, thus becoming one of its main sources of financing.

 

The invoice for payment of this tax must arrive in the mail in good time so that you can confirm its value and proceed with your payment. Otherwise, you must request a duplicate or obtain the document through the Finance Portal.

 

Payment terms

As in other years, this year you will also be able to make the payment of IMI in installments, if its value is greater than 100 euros.

 

As stated in paragraph 1 of article 120 of the IMI Code, the deadlines for making the payment for IMI 2020 are as follows:

 

- Up to 100 euros: single installment, paid in May;

- More than 100 euros and less than 500 euros: two installments, paid in May and November;

- From 500 euros: three installments, paid in May, August and November.

 

However, if your installment exceeds 100 euros, but you manage to pay everything in one go, you can also do it.

 

Exemptions from IMI in 2020

 

The IMI code and the Tax Benefits Statute include several discounts and exemptions for property owners who meet certain requirements.

 

Also in 2020, you can benefit from an IMI exemption in the following situations:

 

- Permanent IMI exemption: intended for low income households (up to € 15,295 per year), whose property is only intended for permanent own housing, and the VPT (Tax Asset Value) does not exceed € 66,500;

 

- Temporary exemption from IMI: with a duration of 3 years, for those who do not have income exceeding € 153,300 per year and purchase a VPT property up to € 125,000;

 

- Properties for rehabilitation are also entitled to exemption from IMI, between 3 and 5 years.

News source: Idealista news.