Tax on construction remains at €665/m2

The IMI property tax on builders and developers for urban construction will remain set at €665/m2 in 2024.

Under the terms of decree No16/2024 published today (Friday, Jan, 26) the average construction value per square metre fixed by law at the start of 2023 was €552 plus 25% as defined by the Code of Municipal Tax on Property. (CIMI)
The tax under the terms of the law, which will remain in force throughout 2024, will be €665 in total. In 2023 the IMI replaced the Municipal Contribution or Contribuição Autárquica.
The price per square metre of construction is one of the elements that integrates the calculation formula for the system of evaluation of urban buildings and, consequently, determines its taxable property value (VTP) which in turn decides the IMI property tax to be levied on the project.
The price per square metre of construction is set annually by the government guided by the National Commission for the Valuation of Urban Buildings (CNAPU).