Aug 21

AIMI payment season is just around the corner

The AIMI - Additional Municipal Property Tax is a property tax charged on companies and individuals who own urban buildings and plots (in the case of individuals, this additional tax is only due if the total asset value exceeds €600,000).

Each year, this tax must be paid in one installment, between September 1 and 30.

How is AIMI calculated?

AIMI tax rates depend on the Taxable Asset Value (VPT) of the property and whether the owner is an individual or a company. The VPT, as listed on the land register on January 1st of the applicable year, determines the rate.

To calculate the AIMI, first add up the VPT of all properties owned. For individuals and undivided inheritances, €600,000 is deducted from this total. Married or cohabiting couples who opt for joint taxation benefit from a doubled deduction of €1.2 million, even if only one partner owns the property. Companies, however, do not receive a deduction.

In the case of companies, the AIMI tax rate is 0.4%, levied on the total asset value of urban residential buildings and land for construction that they own.

In the case of individuals there are three levels of rates:

a rate of 0.7% on the asset value of properties that exceed €600,000;
another of 1% when the value exceeds one million euros;
and a third of 1.5% for values above two million euros.

Only property values exceeding these thresholds are subject to AIMI. After applying any deductions, the AIMI rate is applied to the remaining taxable value.

AIMI Exemptions

AIMI does not apply in several cases, including:

Urban buildings classified as commercial, industrial, or service-oriented;
Housing under the Rental Support Program;
Buildings exclusively for social or controlled-cost housing owned by cooperatives or residents' associations;
Properties owned by condominiums, provided their tax value doesn't exceed 20 times the annual Social Support Index, which is €509.26 in 2024;
Properties exempted from AIMI or IMI payment in the previous year.