The starting point for determining the value of a beneficial interest is the annual value of the right in rem. This is equal to one twentieth of the market value of the asset to which the beneficial interest is attached. Taking into account whether the property right was created for a fixed or indefinite period, the further calculation of the value will be different.
The value of a timeshare for a fixed term is the annual value multiplied by the number of years. However, the value of a timeshare is capped by law, as it cannot exceed 20 times the value of one year. In the case of a beneficial interest in favour of a natural person, the age of the beneficiary is also taken into account.
The value of a perpetual usufruct will be five times the annual value. In the case of a right of benefit of indefinite duration for the life, marriage or widowhood of a person, the value of the right shall be determined on the basis of the age of the person concerned, as follows: if the holder of the right in rem is
1. less than 25 years old, 10 times the annual value,
2. 25-50 years old, 8 times the annual value,
3. 51-65 years, 6 times the annual value,
4. over 65 years, 4 times the annual value.
Example: if the whole of a property worth HUF 20,000,000 is established as a right of beneficial ownership in favour of a 60-year-old mother until death, its value will be as follows:
HUF 20,000,000 / 20 = HUF 1,000,000
HUF 1,000,000 x 6 = HUF 6,000,000, which is the value of the beneficial interest
If more than one person is dependent on the existence of a right of pecuniary value, a different method of calculation should be used.
