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IMT: Purchase Price or VPT — Which Value Is Used?
⚖️ The Basic Rule: The Higher Value Wins
IMT is calculated on the higher of:
- The value stated in the deed (the purchase price), or
- The VPT shown on the caderneta predial
The same applies to the 0.8% Stamp Duty.
📊 In Most Cases: The Price
In most purchases, especially in cities and tourist areas, the market price is higher than the VPT — so IMT is calculated on the price.
Example: you buy an apartment for €300,000 with a VPT of €150,000 → IMT and Stamp Duty are calculated on €300,000.
⚠️ When the Price Is Below the VPT
Sometimes the VPT is higher than the price — for example:
- Properties in poor condition or needing major works
- Sales in lower-demand areas
- Sales between family members at a low price
- Properties with a VPT that was recently updated
In these cases, IMT and Stamp Duty are calculated on the VPT, not on the price.
Example: you buy a house for €90,000, but its VPT is €120,000 → IMT and Stamp Duty are calculated on €120,000.
🔎 Can You Challenge It?
If you believe the VPT is too high, you can:
- Check the caderneta predial for errors (area, typology, coefficients) and request a correction
- Request a new evaluation if the VPT is outdated — but this usually needs to happen before the purchase to affect the IMT
- If the property is evaluated as part of the transaction, request a second evaluation within 30 days of the notification
🏗️ Properties Not Yet in the Tax Register
If the property is new or not yet registered (omisso), IMT is initially calculated on the price. Once the property is evaluated, if the VPT is higher, the Tax Authority will issue an additional assessment for the difference.
💼 Why It Matters for the Seller: Capital Gains
The VPT also affects the seller’s taxes:
- If the VPT used for IMT is higher than the price, the Tax Authority generally considers the VPT as the sale value for calculating the seller’s capital gains (IRS).
- The seller can try to prove the actual price through a specific procedure, but this involves showing bank records and documents.
🏠 Why It Matters for the Buyer: The Future Sale
For the buyer, there’s a silver lining: when you sell the property in the future, your acquisition value for capital gains purposes can be the value used for IMT — which may be the higher VPT. This can reduce your future capital gain.
💡 Tips Before You Buy
- Ask for the caderneta predial before signing the CPCV and compare the VPT with the price.
- Include the IMT on the higher value in your budget.
- Sellers: if you’re selling below the VPT, get advice on capital gains before signing.
- Never declare a price lower than the real one — it’s illegal and can lead to serious penalties.
🚀 Final Considerations
In most cases, IMT is calculated on the price — but when the VPT is higher, that’s the value that counts, for both buyer and seller. Checking the VPT before you sign avoids unpleasant surprises.
📢 Expert Advice: Always check the VPT before agreeing a price below market value. For the seller, a high VPT can mean paying capital gains tax on money they never received.
Buying or selling property in Portugal? Step Inside Portugal’s tax team can calculate your IMT, Stamp Duty and capital gains before you sign — find out more about our tax services here. ✨
This article is for general information only and doesn’t constitute tax advice. It reflects the rules as of October 2026; confirm the rules that apply to your transaction.
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