São Paulo Chamber approves correction of IPTU linked to inflation until 2024

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The São Paulo City Council approved in the second round this Friday (26) a project that promotes adjustments in the Urban Property and Land Tax (IPTU). The project is being approved by Mayor Ricardo Nunes (MDB), author of the text.

Under the proposal, which received 34 votes in favor and 20 against, the IPTU rate throughout 2022, 2023 and 2024 will be readjusted by the inflation of the IPCA (Extended National Consumer Price Index) with a limit of up to 10%. In the last year, the tax had no increase and, in the two previous years (2019 and 2020), the increase was 3.5% uniformly.

Last month, the bill had 34 votes in favor, 19 against and 1 abstention in the first vote. The proposal is criticized by the benches, such as PSOL and PT, for implying a higher increase in the peripheral neighborhoods, which was demonstrated through a survey of the PT bench.

The value of the exemption increased from R$ 160 thousand for properties valued at R$ 230 thousand. It is estimated that up to 1.2 million properties in the city will remain exempt.

The Generic Values ​​Blueprint needs to be revised in the first year of each term. It is what establishes the values ​​per square meter of real estate, both land and buildings.

Reference: CNN Brasil

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