VPT (valor patrimonial tributário, taxable property value)
Valor patrimonial tributário Taxable property value VPT
The taxable property value is a property's value for tax purposes, set under the IMI Code. For urban property used for housing, commerce, industry or services it comes from a formula combining a base value for built property, the area and coefficients for use, location, quality and comfort, and age. It is the base for IMI and for AIMI.
In practice
On a purchase, IMT and stamp duty are charged on the taxable value whenever that is higher than the contract value. It is worth checking the figure on the caderneta predial before settling the price: a house bought below its taxable value is taxed on the taxable value.
The figure is not the market price and can be out of date in either direction. An owner may ask for a fresh valuation under the IMI Code; if it comes out higher, the rise in IMI may be capped by the safeguard clause, and if it comes out lower, the saving starts from the following year. Property with a rural and an urban part carries the sum of the two.