What is IMT tax?
Calculated based on the property’s value or declared amount in the deed, the IMT (Municipal Tax on Onerous Transmissions of Real Estate) is a property transfer tax that needs to be paid before the purchase is completed. The property transfer tax rate varies from 0 to 8 percent based on property type, location, purchase price, and intended use.A fixed rate of 10 percent applies if the buyer is associated with territories benefiting from favorable tax schemes, known as blacklisted jurisdictions.