01What is bare ownership?
It is ownership of a property without the right to use it: the usufructuary keeps living in it or letting it for life, and on their death full ownership automatically passes to the bare owner.
02How is the value calculated?
The property value is split between usufruct and bare ownership with a percentage that depends on the usufructuary’s age: the older they are, the more the bare ownership is worth.
| Age of the usufructuary | Usufruct | Bare ownership |
|---|---|---|
| 0-20 years | 95% | 5% |
| 21-30 years | 90% | 10% |
| 31-40 years | 85% | 15% |
| 41-45 years | 80% | 20% |
| 46-50 years | 75% | 25% |
| 51-53 years | 70% | 30% |
| 54-56 years | 65% | 35% |
| 57-60 years | 60% | 40% |
| 61-63 years | 55% | 45% |
| 64-66 years | 50% | 50% |
| 67-69 years | 45% | 55% |
| 70-72 years | 40% | 60% |
| 73-75 years | 35% | 65% |
| 76-78 years | 30% | 70% |
| 79-82 years | 25% | 75% |
| 83-86 years | 20% | 80% |
| 87-92 years | 15% | 85% |
| 93-99 years | 10% | 90% |
This is the table confirmed for 2026 by the decree of 24 December 2025. It is calculated at a 2.5% rate, the legal minimum: the 2026 legal interest rate is lower, 1.6%, and in such cases the minimum applies.
03Are the tax value and the market price the same?
No. The table is used to calculate taxes on sales, gifts and inheritances. The price a buyer actually pays depends on the market.
A buyer of bare ownership looks at the area, the condition of the property, the usufructuary’s age and how long they will have to wait: the real price can therefore differ from the table. A valuation of the actual property shows what can be achieved.
04When does it make sense?
An owner who wants cash sells the bare ownership, keeps the usufruct and continues living there or collecting the rent.
You give the bare ownership and keep the usufruct: taxes are paid on a lower value and the transfer is already done.
A buyer of bare ownership pays less than for full ownership and becomes full owner in future, without managing the property meanwhile.
Estimate using the official 2026 table for the lifetime usufruct of one person. For fixed-term usufruct, several usufructuaries or special cases, and for the tax aspects of a gift or sale, consult a notary or accountant.