In the event of inheritance, both immovable property and movable property are taxed. The legislator also provides for the taxation of movable property.
Article 764, I, of the General Tax Code (CGI) provides for three methods of valuation:
By the price stated in the deeds of public sale made in the two years prior to death.
By the estimate contained in the inventories drawn up in the five years following the death.
Failing that, the legislator provides for a fixed rate of 5% calculated on the total value of the real estate and movable property, other than furniture, comprising the inheritance before deduction of liabilities.
The heirs may provide evidence to the contrary to prove that the actual value of the furniture is less than the fixed 5% retained by the administration. This evidence may be provided by any means but must include objective and verifiable elements (Court of Cassation, Commercial Chamber, 5 March 1991 and 26 November 1996).
It should be noted that when works of art, jewellery, precious stones, works of art in general or collectibles are covered by a specific insurance contract in force on the date of death and taken out less than ten years before the opening of the succession, their taxable value cannot be less than the valuations made in that contract and no account is taken of
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