How real estate and personal property are appraised

Real estate must be valued based on its market value, not its cadastral value, as clarified by the Italian Revenue Agency. The legal basis for this guidance is found in Article 726 of the Italian Civil Code, titled "Appraisal and Formation of Shares," which states: “Once the withdrawals are made, the remaining estate is appraised according to the market value of each item… Once the appraisal is completed, the estate is divided into as many shares as there are heirs or family branches entitled to a share”.

According to well-established case law, property must be appraised at its market value at the time of estate division, typically corresponding to the date the legal request is filed.

The appraisal of real estate must consider various factors, including its intended use (residential, commercial, industrial, etc.), existing lease agreements (which may affect income potential), and any other case-specific features. In more complex scenarios, such as when several heirs are involved, it is advisable to entrust the valuation to qualified professionals.

Personal property should be categorized into low-value items (e.g., ordinary household furniture like an old wardrobe) and valuable items (e.g., artwork), the latter of which require appraisal by an expert for inheritance purposes. This appraisal is typically based on a brief or assignment prepared for a certified professional, such as an engineer or architect.

Registered movable property includes ships, aircraft, and motor vehicles. For vehicles, registration in the Public Automobile Register (PRA) serves as the official reference. An expert appraisal is recommended when the estate includes numerous vehicles or when the deceased owned historically significant vehicles.

Items with sentimental value have no objective market value and are therefore difficult to appraise. In such cases, only an agreement among the heirs can facilitate a fair distribution or liquidation of the deceased’s estate.

Agenzia delle Successioni is composed of a team of professionals ready to assist heirs in avoiding costly mistakes. Getting a free initial consultation is easy, just fill out the form.