If the estate is in the process of being settled, an auctioneer and a notary may proceed with the valuation of your furniture, regardless of whether or not you own any works of art.
The General Tax Code (art 764 I) provides for three options for valuing furniture as part of the inheritance:
- The price of the movable property obtained at public auction, when the sale takes place within two years of the death.
- The estimate contained in an inventory: the auctioneer, in the presence of the notary and the heirs, makes an inventory of the movable property. When he visits the property, he draws up a descriptive and estimated list item by item. The total sum of this inventory will be used to give the value of the furniture "in real terms" - in this case we are talking about a tax inventory.
- The 5% lump sum: in the absence of an inventory, the taxable value of the deceased's personal property will be estimated at 5% of the total assets of the estate.
The choice of inventory becomes compulsory when a minor or a protected person is present in the estate.
To request an inventory appointment, click here.