More than 90% of the taxpayers requesting a reassessment of their property based on an outdated “VPT” (Tax Asset Value) achieved a reduction in the “IMI” due (Municipal Property Tax). Properties were overvalued by more than €447 million. Updating the VPT (on which the tax rate applies) does not happen automatically. Legislation permits owners to call for a reappraisal three years after the previous one. This request – which is free of charge – can be made directly at the local tax office or via the Finanças Portal.