Location coefficients will be updated this year. ASAVAL (Association of Professional Appraisers), the Association that represents real estate evaluators, recognises that the market has gained stability, but reminds the public that the coefficients have to continue to reflect the dynamics of the market. The last revision of the Location Coefficient occurred in 2015 and had an impact on tax assessments for 2016, 2017 and 2018.
In 2019, the value per square metre for real estate rose from €603 to €615 per m², an amount that had not changed since 2010. This criterion is key in determining a property’s Rateable Value (“VPT”) and consequently the value of “IMI”. The amount due is fixed by factors such as location, condition, quality, size and age of the property. These coefficients are updated every three years at which time a revaluation of the property can be requested. The final “IMI” due is determined by the tax rate established by each Municipality between 0.3% to 0.45% for urban buildings and 0.8% for rustic land.