The usufruct (usufrutto) consists of the right to enjoy the property, deriving any usefulness that this can give, in respect of its economic destination (article 981 Italian Civil Code). The usufructuary has therefore the possession of the building (article 982 Italian Civil Code).
The usufructuary can use the property directly or grant its use to third parties, through a lease, rent or loan contract. This cannot be the case if the seller reserves the right to use or live the property instead of the usufruct, but for this we recommend reading our article Differenze between usufruct and right of residence (housing) in Italian Law
If it was not expressly forbidden at the time of its establishment, the usufructuary can also assign the right of usufruct, for a certain time or for its entire duration, provided that the right is extinguished within the term provided for in the articles of incorporation, or otherwise on the death of the original usufructuary (article 980 Italian Civil Code).
After this introduction, we now come to the real question: how is the value of the usufruct calculated for the Italian law?
The following are the calculation percentages in effect as of 1st January 2019, following the change in the legal interest (from 0.3% to 0.8%) of the fair Interdirective Decree of 19th December 2018 (in the Official Journal no. 301 of 28th December 2018).
| Usufructuary age |
Usufruct |
Bare ownership |
| from 0 to 20 years |
95% |
5% |
| from 21 to 30 years |
90% |
10% |
| from 31 to 40 years |
85% |
15% |
| from 41 to 45 years |
80% |
20% |
| from 46 to 50 years |
75% |
25% |
| from 51 to 53 years |
70% |
30% |
| from 54 to 56 years |
65% |
35% |
| from 57 to 60 years |
60% |
40% |
| from 61 to 63 years |
55% |
45% |
| from 64 to 66 years |
50% |
50% |
| from 67 to 69 years |
45% |
55% |
| from 70 to 72 years |
40% |
60% |
| from 73 to 75 years |
35% |
65% |
| from 76 to 78 years |
30% |
70% |
| from 79 to 82 years |
25% |
75% |
| from 83 to 86 years |
20% |
80% |
| from 87 to 92 years |
15% |
85% |
| from 93 to 99 years |
10% |
90% |
I hope this article may have been helpful.
Alice – www.ortalloggi.com
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