Munsterfan

How do I find out what the value of my apartment is? No I STILL don't read or speak the beautiful Portuguese language. Could it be by any remote possibility close the purchase price? YES?

My property is a newish apartment built 2006 in Cabanas de Tavira. I just read some juicy information that there may be NO TAX DUE if the property valuation is less then 92,407 euros. Is this correct?

AliceCaroline

I've seen something about that somewhere, don't you also have to be a low income household?

I've found a PDF document on the PT Finances Portal that's all about the Portuguese tax system, andit is in English.

It's 155 pages long, IMI starts on page 105.

If you are seriously bored one evening you could learn a fair bit about their tax systems from this. I'm not that bored right now, not sure I ever will be.


http://info.portaldasfinancas.gov.pt...System_CEF.pdf

Red Eric

It is to do with the transfer tax on a property, and specifically if it is exclusively for your own permanent occupation.

If you meet those criteria and the purchase price or the valor patrimonial (rateable value, for want of a better term), whichever is the greater, is under 92.407€, you pay 0€ IMT on the purchase. The VPT is most unlikely to be higher than the purchase price but there's no point knowing more about it than that for now unless you meet the other criteria.

Munsterfan

The apartment is our permanent and only home. We paid less then 92.407euros (mePat is a great Irish deal-maker) but who KNOWS what the VPT is without going to Tax office...so it IS the VPT that determines the tax rate, yes? gosh darn it!

Munsterfan

So OTHER then going to the Portuguese TAx office is there ANY other way to find out the property value?

AliceCaroline

Munsterfan are you asking about the yearly Municipal Tax (IMI), the equivalent to our council tax, or Municipal Tax on Real Estate Transfer (IMT) which is a one off payment when you buy the property?
I'm guessing you mean the IMI as you'll have already paid the IMT. Red Eric is talking about IMT.
A relation of my husband (sadly now deceased) paid no IMI for 10 years because of the exemption, but I think it is shorter now.
I think it has to be your sole residence, so if you aren't living in your apartment you may not qualify.
But I'm not talking from experience, just what I've read on the net.
And I have no idea on how to find out the rateable value.
Someone on here must know more.

AliceCaroline

I found this on a Portuguese site called Idealista news. It's been translated by Google...

March 19, 2015, 6:59

The Lisbonense Owners Association (ALP) warned of the existence of a deadline for making the request for exemption from the payment of property taxes (IMI) - until June 30 - to low-income households and evaluated homes under 66,500 euros .
According to Lusa, the ALP explained that in situations of households with annual income below 15,295 euros owner-occupier houses, with a Tax Asset Value (VPT) below 66,500, can be claimed exemptions in the payment of IMI together of Finance.
The organization reiterated the idea that there will be an"unsustainable increase in IMI" to "thousands of owners," has already appealed to the Government to back the "outrageous tax burden overhanging the real estate sector."
In this sense, the ALP admitted that the exemption is "widespread ignorance of the vast majority of owners" and that it "will be of great importance for economically disadvantaged families."

Munsterfan

ok Thank you AliceCaroline got it NO problem, I'll look into all of it with the Accountant

Red Eric

Sorry - didn't realise you already own the property and was going by the figure you mentioned, which as far as I know is only relevant to the transfer tax.

For the annual property tax, you can claim an exemption of 3 years provided the property is for your own occupation, the VPT is not exceeding 125,000€ and your household income is not exceeding 153,300€.

I'm fairly certain you should have received notification of the VPT shortly after the purchase.

If you rent the property out, even for short periods, that would disqualify you from claiming the exemption.

Munsterfan

OK Red Eric well that's pretty clear especially about renting the property out... so much for dabbling with that idea, and 3 years is better than no years for a property tax exemption. We never received a VPT notification in the mail....but I'll just go to tax office and find out. Thanks for your help.

By the way on a complete segue I just smoked my first harvest of Mexican chilies...pretty darn tasty.

Red Eric

If you have online access to your dealings with Finanças, you can find out there very easily.

Munsterfan

Hopefully setting online with Tony1 shortly ...starting Portuguese lessons in 2 weeks enough of not knowing how to manage administrative things because I can't speak/read the language, shameful after a full year here. Just celebrated 1 year arrival in Portugal last week, We are very happy! Off to buy some chicks at the market and maybe even some goslings...big family debate on having geese around.. better then dogs as guardians

Red Eric

The online Finanças access is essential, in my opinion. I think Portugal's very advanced in "e-government", strangely enough for a country many people seem to think of as backward.

Well done on the chillies - nice to be able to grow things like that outdoors here, isn't it? Must be potato planting time down there soon, if not already.

Is the livestock for murdering or just for decoration / guard duty and eggs?

Campanula

I'm fascinated to know how you grow things and are going to have chicks and goslings when you live in an apartment. Geese can become very nice loyal pets, I've had one or two but they are noisy and foxes kill them.
Never been able to eat goose.

Munsterfan

1) our apartment has a garden with soil
2) we also have another garden/land
just to answer your curiosity.