In December 2003, new rules concerning municipal property tax (Imposto Municipal sobre Imóveis) came into force. A new code was also approved: the Código do Imposto Municipal Sobre Imóveis (CIMI).
Those new rules were created to assess the patrimonial value of urban properties closer to their real market value.
Therefore, almost all new properties completed or traded after December 1 2003 were already evaluated according to the 37th article and the following ones of CIMI.
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