There are 25 million Italian taxpayers required to pay the Single Municipal Tax. The down payment amounts to 11 billion euros
Today, June 17, 2024, is the deadline for the payment of IMU (Single Municipal Tax). This deadline concerns millions of Italian taxpayers who own properties subject to this tax. Here is a summary of the essential information for those who have not yet paid and find themselves having to fulfill this tax obligation.
What is the IMU?
The IMU is one of the main local taxes in Italy, introduced for the first time in 2012. It weighs on the owners of properties, including land and buildings, with some exceptions such as the first house (if not luxury). The IMU is intended to finance municipal services, contributing to the budget of local authorities.
Who Must Pay IMU?
They are required to pay the IMU:
- Owners of properties other than the main residence.
- Owners of second homes.
- The holders of real rights of enjoyment (such as usufruct, use, habitation).
- The tenants of properties granted under financial leasing.
Owners of non-luxury main homes (land registry categories A/2, A/3, A/4, A/5, A/6 and A/7) are exempt from paying IMU.
Calculation of IMU
The calculation of the IMU is based on the cadastral income of the property, revalued by 5%, and multiplied by a specific coefficient which varies depending on the type of property. The basic rate is established by the State, but individual Municipalities can decide on variations, both increases and decreases, within a pre-established range.
Terms of payment
The payment of the IMU can be made through:
- Form F24: available at bank and post office branches or online through home banking services.
- Postal slip: to be filled in with the property data and the amount due.
The tax codes to be used for payment vary based on the type of property and the municipality to which it belongs. It is important to check these details carefully to avoid mistakes that could result in penalties.
Penalties for Late Payment
Failure to pay by the June 17 deadline will result in penalties and interest being applied. The penalties are calculated as a percentage of the amount due and vary depending on the delay:
- 0.1% of the amount due for each day of delay, up to a maximum of 14 days.
- 1.5% of the amount due from the 15th to the 30th day of delay.
- 1.67% of the amount due from the 31st to the 90th day of delay.
- Beyond 90 days, the penalty increases significantly and statutory interest also applies.
