Following the death of my father, I became the bare owner of a property and my mother the usufructuary. Should I declare the value of this bare ownership for my real estate wealth tax?

Yes. When the division (existence of a usufruct and bare ownership) results from a death and the exercise by the surviving spouse of their legal rights, Article 968 paragraph 2, 1° of the General Tax Code specifies that the value of the bare ownership must be included in the calculation of the IFI (real estate wealth tax) of the bare owner. Concurrently, the value of the usufruct would be included in the usufructuary’s IFI calculation (BOI-PAT-IFI-20-20-30-10).