Fivefolding IMI For Luxury Villa in Ponta Delgada
Miguel Albuquerque, owner of a luxury villa in Ponta Delgada located by the sea, is facing a significant 436% increase in Municipal Property Tax (IMI). His annual payment now amounts to 531 euros per year, up from the previous 99 euros. This considerable rise is attributed to the new property's tax asset value, which stands at 177,149 euros, compared to the previous construction's value of 33,214 euros.
Albuquerque Does Not Contest The Raise
Apparently, according to Correio da ManhĂŁ, the prior value was attributed to the building that Albuquerque bought for 120.000 euros and which then got destroyed to build a new luxury estate. Despite the substantial increase in taxes, Albuquerque accepts the property evaluation and has chosen not to contest it.
I accept the assessment and I do not intend to contest it
Albuquerque Delivers IMI Model Too Late But Avoids Fine
It's worth noting that the property in question is utilized for tourism purposes. Notably, Albuquerque managed to avoid a fine despite a delay in submitting the IMI model 1 on time. According to the Tax Authority, this was because he “did not have any tax issues for the last 5 years”.
From: Diário de NotĂcias Madeira
Image: Generative Concept (Symbol)
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