A proposal for the government to review and update the valuation of houses in order to lower the IMI municipal property tax is soon to be presented by the leader of the Socialist Party (PS), António José Seguro.
Seguro classified the proposal as “simple and fair”. A review on the value of properties would lead to a tax decrease and “would improve, even if on a small level, the life of the Portuguese people,” he said.
He believes that some houses are subject to an unrealistic rating and people end up paying high taxes that are not proportionate to the value of the house.
He admitted that the proposal would result in less income for the government but if the real estate funds and Portuguese banks that own properties, and “do not pay IMI”, would contribute, it would compensate for the loss.