New favorable tax for luxury real estate from State
The new state budget is beneficial for real estate owners who are worth over one million euros
Although recently the real estate has entered a start with the new property tax, the proposed State Budget for 2017 brings a change to the stamp duty, that will benefit from high-end real estate. In OE17 (State Budget 2017), 1% stamp duty for urban real estate for the amount equal or more than one million euros has been revoked.
From 2017, the owners whose Tax Asset Value exceeds one million euros will now be subject to the Additional Municipal Property Tax (AIMI) corresponding to a rate of 0.3%, well below the 1% of Stamp tax. However, homeowners who own property in the VPT (valor patrimonial tributário - total tax value) from 600 thousand euros to one million euros, are penalized because in addition to the stamp duty have to pay additional tax.
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