This year owners of real estate properties located in Italy should prepare to pay the newly introduced tax called IMU (Imposta Municipale Unitaria). IMU, which is an Italian acronym for Unified Municipal Tax, was introduced by the government’s “Save Italy” Decree.
For the taxpayer’s main residence house, IMU will be levied at the rate of 0.40% on the land registry value of the property.
Municipal councils have discretion to increase the rate from 0.40% to 0.6%. Considering the budget cuts they have been subjected to, most municipal councils will most likely increase the rate.
Each properly owner is entitled to a discount of 200 Euros, so if after calculating IMU it appears that the property owner should pay 300 Euros, then the only amount to be paid will be 100 Euros.
There is a further deduction of 50 Euros for each dependent child who is under 27 years old.
According to calculations done by UIL trade union, each family without a dependent child will end up paying an average of 133 Euros.
The amount of tax to be paid will vary depending on the city where the property is located.
Rome appears to be the place where the highest amount of tax will be paid. An average amount to be paid is 411,47 Euros. A family without a dependent child will end up paying as much as 511,47 Euros, while a family with four dependent children is expected to pay 311,47 Euros.
Milan is another place where the amount to be paid is quite high. The average amount to be paid is 376,77 Euros. A family without a dependent child will pay 476,77 Euros while a family with four dependent children will pay 276,77 Euros.
In Bologna, the average amount to be paid is 359,41 Euros. A family without a dependent child will pay 459,41 Euros while a family with four dependent children will pay 259,41 Euros.
The only consolation is that it will be possible to pay IMU in two instalments. The first instalment must be paid by 16th June 2012 while the second by 16 December 2012.
By Elvio Pasca