The House of Silves approved Monday 12 November a proposal for exemption from payment of municipal property tax (IMI) and municipal tax on property transfer (IMT) for urban buildings located in the area of urban rehabilitation (ARU) of the province.
According to the Câmara de Silves, the "measure aims at generating private investment, promoting rehabilitation and urban renewal and stimulating the local economy."
In practice, urban buildings in the ARU that are the subject of urban rehabilitation (as defined in Article 45 (1) (a) and Article 71 (23) (a) of the status of tax benefits) benefit from exemption from the payment of the municipal property tax for a period of three years from the year, including the completion of the urban rehabilitation action, which can be extended for a period of five years ».
Buildings may also qualify for exemption from the IMT if the purchases relate to permanent rent of houses or permanent and private homes, & # 39; at the first loss-making transfer of the rehabilitated building & # 39 ;, or if the purchases are intended for rehabilitation interventions, & # 39; since then, the buyer commences work within a maximum period of three years from the date of acquisition ".
In order to benefit from these exemptions, the interested parties, together with the municipal services, must request an investigation before and after the completion of the urban rehabilitation work on the building targeted by the urban rehabilitation campaign, in order to improve two improvements. to gain. levels of the state of preservation of the property, which must be communicated to the tax authorities to recognize the tax benefit, "explains the Câmara de Silves.
"As part of the survey to assess the state of conservation of the property, the value of the fees due is reduced by 50%," adds the local government.
Tax incentives for urban rehabilitation "apply to buildings with rehabilitation work started after publication in the Diário da República of the demarcation of the" Urban Rehabilitation Area of Silves ", which are subject to a preliminary and subsequent survey, and which will be closed by December 31, 2020, "the local government concludes.