Italian property news roundup: Gucci's house on sale and second home tax deadlines

IMU property tax deadline is approaching

This year's second instalment of IMU, or ‘Imposta Municipale Unica’ (Unified Municipal Tax), is due by December 16th.

IMU is a basic rate of tax that has to be paid to the Italian state, based on the value of the property.

You don’t owe this if your main residence is in Italy and you live in the country more than six months a year. Otherwise, if it’s your second home, you must pay this tax.

READ ALSO: What taxes do you need to pay if you own a second home in Italy?

Therefore, non-EU nationals without residency in Italy, including Americans and now Brits for instance, are allowed to spend 90 days out of every 180 in the EU.

This group of people with a second home in Italy would need to pay IMU.

It would also apply to a property you are renovating, for example, while you are living at another residence. Even though the second property may not be habitable, it is still a second property and so IMU taxes are due. This is important to consider for those planning to use the government's 'superbonus 110' to restore or rebuild a home.

You don't need to pay IMU on your main home unless it is categorised as a luxury property, in which case, IMU is payable even if it is your main residence. Italian luxury property in the Italian tax system is defined by its residential category.

In this case, the cadastral categories A1, A8 or A9, for tax purposes are all luxury dwellings (stately homes, villas and castles).

You'll need to pay IMU on luxury property. Photo by Mike Morgan on Unsplash

So, the second instalment of IMU for 2021 must be paid on the second home and on all properties other than a main home not classed as luxury.

The main house is the property registered or enrolled in the Land Registry as a single unit, in which the owner and the members of his family live habitually or reside 'anagraficamente' - that is, registered with the Anagrafe, the registry office.

EXPLAINED: Can second-home owners get an Italian residence permit?

However, there are some exceptions to paying IMU, such as on land owned in a mountain municipality, according to the reintroduced Circular of the Ministry of Finance of 9 June 1993.

Generally, how much IMU you pay depends on your property and the area you live in – payments are based on a percentage of the property value, collected by the municipality where your home is located, with part of the tax also going to the national government.

As a rough guide, you’ll need to take 5 percent of the property value and then multiply that number by a coefficient – a figure that changes according to property type.

This will give you a taxable base and from there, you’ll be charged anything from 0.4 to 1.06 percent of that figure, depending on the municipality where your second home is located.

You won’t get a bill for this: property owners need to abide by the deadline of when to pay and what coefficient your type of property is to be able to do the sums. IMU is paid twice a year and the last instalment was in June.

You can pay this via a form called F24 through the bank or Post Office.

To know exactly what your final IMU tax will be, it’s best to consult an accountant who can arrange the transaction for you too.

Gucci's house is on sale

A historic Tuscan villa built in the 17th century and owned by the Gucci family is on sale for anyone with an eye for fashion and the funds to meet a designer price tag.

Described as "splendid" in the property listing, this iconic home is on the market for €750,000.

READ ALSO: Why now is the ‘best’ time to buy property in Italy

Located a few steps from the historic centre of San Miniato, a beautiful village on the green hills overlooking the Arno plain, the property sits between the major centres of Tuscany, Pisa and Florence.

It belonged to the Gucci family, well-known Italian entrepreneurs and founders of the Florentine fashion house that bears the family name. Over the centuries, the villa has hosted the most illustrious members of the two branches of the dynasty, including Guccio Gucci, who originated the famous brand by producing hats in San Miniato.

The home measures a considerable 540 square metres, its walls adorned with frescoes, "which recall the seventeenth-century origins of the villa and the eighteenth-century influence," according to the property description.

Fancy living in the family home of the world-famous fashion house Gucci? Photo by Julien Tondu on Unsplash

There is also a vast garden surrounding the villa of 1,500 square metres, which also contains an old private chapel with a surface of about 20 square meters. Beyond that, the property comes with five hectares of land.

For those with even grander ambitions, the listing reveals there's another 600 square metres of buildings on adjacent land that can be renovated using the government's building bonuses.

READ ALSO:

• Italy’s building bonus: Can you really claim back the cost of renovating property?
• What you need to know about installing solar panels on your home in Italy

This historic home has been on sale for 20 years and in 2005 it seemed on the verge of changing hands, according to news reports. Chinese buyers were very close to signing but then the sale fell through. The property continues to arouse interest, and it is currently still owned by the Gucci family.

The 'best' places to live in Italy

Wondering where to move to in Italy? A new study has revealed the best places to live in the country, rating all provincial capitals from the best to worst.

Parma was ranked top of the league for quality of life in the survey compiled by ItaliaOggi and Rome’s La Sapienza University.

This year, as well as last, the study also took into account how different areas have handled the Covid-19 health emergency.

MAP: Which are the safest parts of Italy to live in?

The pandemic didn’t affect all parts of the country equally. Some areas showed weak spots in dealing with the pandemic, found in all parts of the country from north to south. On the other hand, it highlighted the resilience of other areas.

Some of the usual suspects made it into the top ten, such as Bolzano and Trento, but other cities that have previously been way down the liveability leagues shot to prominence, including Bologna, Milan and Florence.

In case you missed it

Renovation plans are still in the balance for homeowners hoping to take advantage of the government's hugely popular superbonus 110.

If you have any tips, stories or thoughts on what we should include in the next edition of the property roundup, we’d love to hear from you. Email us here.

See more in The Local’s Italian property section.