Rates bonanza sees councils rake in €1.54 billion

With Portugal’s property market riding high, 2017 will see councils up and down the country taking in the largest rates bonanza of all time. Says the country’s leading tabloid, as much as €1.54 billion will be flooding into public coffers, an increase of 4.2% on last year’s takings.

Correio da Manhã takes its figures from the State Budget for 2018, which predicts even higher rates’ (IMI) takings for next year: €1.61 billion, an increase of another 5% on 2017.

The paper explains that IMI receipts represent “more than half the total fiscal income of municipalities” and have been experiencing “significant increases” since 2010 due to property re-evaluations powered by the PSD government of Passos Coelho and “strong growth in the sale of properties”, particularly in the last two years.

Municipalities receiving the highest IMI income include Loulé and Portimão in the Algarve: who will be getting €34,201,269 and €24,316,747 respectively this year.

Lisbon leads the way however, with €114,082,470 due to swell municipal coffers.

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