CASTRO MARIM Câmara has announced a reduction of municipal property tax (IMI) to reflect the concerns of the Câmara regarding the sharp downturn in real estate transfers in the area.
IMI is to be reduced in 2009 by 0.1 per cent, from 0.8 per cent to 0.7 per cent.
The Câmara predicts that this will result in the non collection of more than 300,000 euros, relieving the tax burden of Castro Marim residents.
