How must estate property be valuated for the estate inventory?
To ensure that the facts recorded on the deed of estate inventory will be right, you must ascertain the fair market value of the property, i.e. its probable selling price on the date of the decedent’s death.
Guidance for valuation
You can refer to a real estate agent’s estimate of the price of the house, other real estate, or apartment left behind.
Estimates or appraisals by real estate agents are usually a good indication of the property’s market value.
Please note that values determined for purposes of real estate taxes are not the same as the property’s market value.
You can valuate the estate’s property based on “reference sale information” if houses, other real estate or apartments similar to those belonging to the estate were sold recently by others.
However, you can do so only if
- the house, real estate or apartment sold is comparable in location and quality to the estate’s, and
- not too much time has passed between the dates of the reference sales and the decedent’s date of death.
Recommended sources of reference sale information include Asuntojen hintatiedot (“Prices of dwellings”, in Finnish and Swedish only) and different websites where homes for sale are advertised.
If you do not know the selling price and no reference sale or valuation statement is available, see the following sub-headings of the Tax Administration’s detailed guide (in Finnish and Swedish):
- ”Principles of asset valuation for purposes of inheritance and gift taxes” — Varojen arvostamisen yleiset periaatteet perintö- ja lahjaverotuksessa
- ”How real estate property and housing must be valuated for purposes of inheritance and gift taxes” — Kiinteistö- ja asuntovarallisuuden arvostaminen perintö- ja lahjaverotuksessa
- ”How holdings of investment products must be valuated for purposes of inheritance and gift taxes” — Sijoitustuotteiden arvostaminen perintö- ja lahjaverotuksessa
- ”How moveable property items must be valuated for purposes of inheritance and gift taxes” — Irtaimen omaisuuden arvostaminen perintö- ja lahjaverotuksessa
- ”How an agricultural farm must be valuated for purposes of inheritance and gift taxes” — Maatilan arvostaminen perintö- ja lahjaverotuksessa
- ”How holdings of corporate stocks and shares must be valuated for purposes of inheritance and gift taxes” — Yritysvarallisuuden arvostaminen perintö- ja lahjaverotuksessa
Notes concerning different types of property
- Apartments, houses, other real estate and summer houses: Bear in mind that the taxable value for real estate taxation is not the same as the fair market value. This means that you cannot refer to the value established for real estate tax purposes when you valuate a house or other real estate.
- Shares of a telephone company, other securities and units of investment funds: You can contact a securities trader or bank to check the quoted values of nonlisted telephone-company shares, other securities, and units of various funds. If no quotes are available that would match the decedent’s date of death exactly, it is permissible to refer to an earlier or later date reasonably close to the death date.
- Forests, farms and other property: If forests, woodlands, farmlands or other property are in question, see “How to valuate forests and farms” — Maatilan arvostaminen perintö- ja lahjaverotuksessa (detailed guide, available in Finnish and Swedish only).
- Art collections, works of art, and antiquities: It is necessary to determine the fair market value for each specific item (work of art) and record it in the deed of estate inventory.
- Household effects: For property that consists of usual household furniture, goods and effects, there is no need to include an itemisation in the deed as long as the total value of household effects that had been in the decedent’s and family members’ use is maximally €7,500 (however, for dates up to 31 December 2025, the threshold was €4,000).
However, works of art, collectibles and other items of high value are not part of “household effects”.