Lagos residents will be paying 5% less for their IMI property taxes, for urban properties, in 2016. The decision has been supported by the need to «relieve tax burden, at a time when the economic and financial situation of households remains difficult».
Aljezur council has reduced IMI by three tenths, which is equivalent to a cut of 7.5%. This is a measure that «will benefit hundreds of families» within Aljezur, and «we recognise that it is essential to continue create the right conditions to promote economic and social development of the county, particularly decriminalizing the tax burden on families».
Portimão council ratepayers didn’t see any changes, and it remains at 0.5% (which is the maximum rate).
This is a «good investment incentive» in the Algarve, particularly in the Barlavento area, which has been seen as «one of the top destinations to live and retire». Kathleen Peddicord, founder of "Live and invest overseas publishing", which focuses on the «opportunities to live, retire and invest in a place overseas» made out the Algarve to be one of the best places to live in 2016 stating that «the cost of living is cheap, the real estate is affordable and the weather is great».
Luís Ledo, managing director of Casas do Barlavento, considers that «this, among other efforts, is welcomed, and Lagos and Aljezur council should be congratulated», if only for «its capacity to attract potential investors in the region, as well as relieve the tax burden for families and other ratepayers».