"This ordinance maintains in force the values ​​applied during the year 2024, which, in turn, were the same as those applied in the year 2023", reads the diploma signed by the Secretary of State for Tax Affairs, Cláudia Reis Duarte, and published in the Official Gazette.

At issue is the average construction value per square metre, which in 2023 was set at €532, plus 25%, as defined by the Municipal Property Tax Code (CIMI), resulting in the aforementioned €665.

The price per square metre of construction is one of the elements that make up the calculation formula for the urban property assessment system and, consequently, for determining its taxable market value (VTP), on which the IPTU rate is levied.

Despite being one of the elements that contributes to determining the VPT of properties, this price is not automatically applied and is only reflected in new constructions or in properties subject to modification or reconstruction or following a new assessment.

The price per square meter for the purposes of the base value of constructed buildings was set at 600 euros in 2003 and 2004, rising to 612.5 euros in 2005 and to 615 euros in 2006 – a value at which it remained until 2008.

In 2009, due to the effects of the financial and economic crisis that were already beginning to be felt, it fell to 609 euros. A year later, it recorded a new drop, to 603 euros, a level where it remained frozen until 2018, having risen to 615 euros in 2019, a value that remained until 2021. In 2022 it rose to 640 euros and the following year to 665 euros.