For individual property owners, the AIMI is applicable only to those whose sum of all property tax values equals or exceeds € 600,000. Individual property owners will pay an additional 0,7% on the amount over € 600,000 up to 1 million euros and 1% on the amount over 1 million euros.
Properties held by Companies will pay an additional bill of 0.4% on the full property tax value.
Properties held in a blacklisted jurisdiction company will continue to pay an IMI of 7.5% plus the additional AIMI of 7.5%.
The tax value has nothing to do with the market value of the property and is set automatically by the local council using a series of co-efficients relating to location, quality of construction, size and the age of the property. Many bills are being issued based on the properties still being one or two years old with co-efficients out of date, meaning owners are paying more tax than necessary.
If your property tax value has not been updated since 2014 and you have not made any structural alterations to the property since the last revaluation, for a fee of just €75 (inc. IVA), Sovereign – Consultoria Lda in Lagoa, Algarve can review your tax value and prepare a simulation of your likely savings for a revaluation request submission to the tax department. Sovereign has already successfully reduced the property tax value for hundreds of their clients leading to lower IMI bills and many avoiding the AIMI tax.
To take effect for IMI bills issued next year, the submission must be completed before the end of December 2017 and Sovereign are happy to offer this service to anyone even if they are not existing clients.
It is too late to reduce the AIMI for this year but future savings could well be worthwhile!

Contact Sovereign today on port@sovereigngroup.com or telephone 282340480.