Under 35s get property tax exemption

 In IMT, News, Property, Tax

The Mayor of Lisbon looks set to eliminate the IMT property tax for mostly first-time buyers who are under 35.

Carlos Moedas will introduce the measure for properties valued up to €250,000 in 2023 at an estimated cost of €4.5 million for the city council.
However, with the high cost of properties in Lisbon, it is doubtful how many will be available for that price, except those on the periphery.
The measure on the Municipal Tax on Property Exchange (Imposto Municipal sobre Transmissões) was part of Carlos Moedas electoral campaign last year and will be part of the city’s budget for 2023.
If approved, it will come into force on 1 January at a cost of €4.5 million to the municipal council.
Under 35s buy around 45% of all properties for sale up to €250,000 in Lisbon. With this measure, buyers should save around 3.3% on the purchase value of a house, which could be up to a maximum of €3,800.