Yes. The General Tax Code provides, for the calculation of inheritance tax, that buildings are valued according to their real market value on the date of death.
But, with regard to the main residence of the deceased, article 764 bis of the CGI provides for the automatic application of a 20% reduction from the moment the following cumulative conditions are met:
- the building must constitute as the principal residence of the deceased on the day of his death;
- the building must be occupied as a principal residence, on the day of death, by the surviving spouse or by the surviving civil union partner or by one or more vulnerable minor or adult children of the deceased or of their spouse or partner.
The application of this reduction is therefore mandatory if all the conditions have been met.