Property Tax (IMI) in Monchique
The annual property tax rate (Imposto Municipal sobre Im\u00f3veis) in Monchique is 0.4% for urban properties. This ranks 15 of 16 Algarve municipalities (among the highest).
Urban property rate
0.4%
Applied to the tax assessment value (VPT)
Rural property rate
0.8%
Fixed national rate for rural land
Annual IMI cost examples
Based on the 0.4% urban rate in Monchique. Note: IMI is calculated on the tax assessment value (VPT), which is often lower than the purchase price.
| Property value (VPT) | Annual IMI | Monthly equivalent |
|---|---|---|
| EUR 150,000 | EUR 600 | EUR 50/mo |
| EUR 250,000 | EUR 1,000 | EUR 83/mo |
| EUR 400,000 | EUR 1,600 | EUR 133/mo |
| EUR 600,000 | EUR 2,400 | EUR 200/mo |
| EUR 1,000,000 | EUR 4,000 | EUR 333/mo |
IMI rates across the Algarve
| Municipality | Urban rate | Annual on EUR 300K |
|---|---|---|
| Faro | 0.3% | EUR 900 |
| Lagoa | 0.34% | EUR 1,020 |
| Olhão | 0.34% | EUR 1,020 |
| Albufeira | 0.35% | EUR 1,050 |
| Alcoutim | 0.35% | EUR 1,050 |
| Aljezur | 0.35% | EUR 1,050 |
| Castro Marim | 0.35% | EUR 1,050 |
| Lagos | 0.35% | EUR 1,050 |
| Loulé | 0.35% | EUR 1,050 |
| Portimão | 0.35% | EUR 1,050 |
| São Brás de Alportel | 0.35% | EUR 1,050 |
| Silves | 0.35% | EUR 1,050 |
| Tavira | 0.35% | EUR 1,050 |
| Vila do Bispo | 0.35% | EUR 1,050 |
| Monchique (this municipality) | 0.4% | EUR 1,200 |
| Vila Real de Santo António | 0.45% | EUR 1,350 |
How IMI works
IMI is Portugal's annual property tax, set by each municipality within a national band of 0.3% to 0.45% for urban properties. It is calculated on the Valor Patrimonial Tribut\u00e1rio (VPT), the tax office's assessment of the property's value, which is typically lower than the market price.
New properties and newly purchased properties may qualify for a 3-year IMI exemption if the VPT is below EUR 125,000 and the property is used as a primary residence. Properties in Urban Rehabilitation Areas (ARU) may qualify for a 5-year exemption.
IMI is paid annually, either in a single instalment (April) or split across two or three instalments depending on the amount.
Full property analysis for Monchique
IMI is just one cost. Our property report covers planning zones, environmental constraints, fire risk, AL licence density, water quality and market data.
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