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IMI: price per m2 will remain at 665 euros in 2024



The price per square meter (m2) for the purposes of calculating the Municipal Property Tax (IMI) and the tax assessment of properties will remain, in 2024, at 665 euros, according to an ordinance published in Diário da República (DR).


"The Municipal Property Tax Code, approved by Decree-Law no. 287/2003, of November 12, establishes in articles 38 and 39 that one of the objective elements integrated in the calculation formula of the assessment system of urban buildings is the average construction value per square meter. This ordinance maintains in force the values applied during the year 2023", the document can read.


The price per m2 of construction is one of the elements that integrates the calculation formula of the evaluation system for urban buildings and, consequently, the determination of their tax asset value (VPT), on which the IMI rate is applied. The price per m2 of construction is fixed annually by Government decree, following a proposal from the National Urban Building Assessment Commission (CNAPU).


Despite being one of the elements that contributes to determining the properties' VPT, this price is not automatically applied, and is only reflected in new constructions or in properties subject to modification or reconstruction or following a new assessment, i.e. applies to urban buildings whose Model 1 declarations are submitted from January 1, 2024.


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Source: Idealista

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