I purchased the usufruct and a friend purchased the bare ownership of a property. What are the consequences of this dismemberment for the real estate wealth tax (IFI)?

A taxpayer is liable for the real estate wealth tax when the total value of their real estate assets exceeds €1,800,000 (Article 964 of the French General Tax Code).

In the situation described, the law provides that the property must be declared at its full ownership value in the usufructuary’s estate (Article 968 of the French General Tax Code).