The price per square meter for the purposes of calculating IMI and the tax assessment of properties will remain at 665 euros in 2024, according to an ordinance published today in Diário da República.
Under the terms of ordinance no. 16/2024, published today, the average construction value per square meter fixed by ordinance at the beginning of 2023 remains in force this year, that is, 532 euros, plus 25%, as as defined by the Municipal Property Tax Code (CIMI).
“Ordinance no. 7-A/2023, of January 3, remains in force during the year 2024”, reads the ordinance now signed by the Secretary of State for Fiscal Affairs, Nuno Santos Félix.
Therefore, and taking into account the CIMI formula, the amount that will be used in 2024 remains at 665 euros, this being the highest since 2003, the year in which the IMI replaced the Municipal Contribution.
The price per square meter of construction is one of the elements that forms part of the calculation formula for the evaluation system for urban buildings and, consequently, the determination of their tax asset value (VTP), on which the IMI rate is applied.
The price per square meter 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 contribute to determining the VPT of properties, 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, 2023.
The price per square meter for the purposes of the base value of constructed buildings was set at 600 euros in 2003 and 2004, having risen to 612,5 euros in 2005 and 615 euros in 2006 – a value at which it remained until 2008.
In 2009, due to the effects of the financial and economic crisis that were already beginning to be felt, it dropped to 609 euros. A year later, it registered a further drop, to 603 euros, a level where it remained frozen until 2018, having increased to 615 euros in 2019, a value that remained until 2021. In 2022 it was set at 640 euros, having then increased by 25 euros in 2023, to 665 euros.
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