At an extraordinary municipal assembly meeting recently, Loulé Câmara decided to maintain the exemption of property transfer tax (IMT) in 2013 for people aged between 18 and 35 years.
The exemption will only apply to first-time homeowners living in urban buildings in the Alte, Ameixial, Benafim, Querença, Salir or Tôr parishes, so long as the total value to which the tax applies is not higher than the maximum price of cost controlled housing, plus 50%.
This exemption aims “to encourage young people to stay in these areas”, said the câmara.
As a way to attract investment, Loulé municipality is also applying a reduced municipal property tax (IMI) rate (-30%) in these six parishes in 2013.
The IMI tax for urban buildings that haven’t yet been re-valued will be 0.8%, an increase of one decimal point from 2011 and the maximum tax applicable. Urban buildings that have already been assessed according to the new rules will pay the same tax as in 2011: 0.4%.
Just as in 2011, the municipal assembly also approved the payment of a municipal business tax (derrama) of 1.5% on companies and other legally operating businesses whose revenue from such businesses was higher than €150,000, with a tax of 0.01% for all others.
