The multiplier is the most important factor when valuing a lifelong usufruct or right of residence in Germany. It decides whether a right counts at ten times or five times its annual value. But where do these figures come from, and why do they change every year?
The legal basis
§ 14(1) BewG states that the multipliers are to be derived from the Federal Statistical Office's life table. They apply from 1 January of the year following the table's publication. The calculation uses 5.5 percent interest and the average of annual payments in advance and in arrears. The Federal Ministry of Finance compiles the values by age and sex into a table and publishes it in the Federal Tax Gazette.
The table for 2026
For valuation dates from 1 January 2026, the ministry's letter of 21 October 2025 (reference IV D 4 - S 3104/00002/013/003) applies. It is based on the general life table 2022/2024, published on 22 July 2025. For each completed age from 0 to 100, the table gives the average life expectancy and the multiplier, separately for men and women.
1. Age 60: men 12.798 (life expectancy 21.58 years), women 13.832 (25.19 years)
2. Age 70: men 9.938 (14.18 years), women 11.107 (16.86 years)
3. Age 80: men 6.509 (8.00 years), women 7.490 (9.57 years)
4. Age 90: men 3.234 (3.55 years), women 3.770 (4.21 years)
Why is the multiplier smaller than life expectancy?
A 60-year-old man statistically has 21.58 years to live, yet his multiplier is only 12.798. The reason is discounting at 5.5 percent: a euro paid in 20 years is worth considerably less today. The longer the remaining term, the stronger this effect. For very young beneficiaries, the multiplier therefore approaches the limit of 18.6, the value of a perpetual use under § 13(2) BewG.
The valuation date decides
Which table applies depends solely on the valuation date, which for a gift is the day it is carried out. A gift in December 2025 is still valued with the 2025 table, one in January 2026 with the new one. Because life expectancy has fluctuated slightly in recent years, the values can move a little up or down from year to year. Age is enough for an estimate; for the tax return, the exact completed year of age on the valuation date counts.
Correction after early death
The multiplier is an average. If the beneficiary dies shortly after the gift, the deduction was too high in hindsight. § 14(2) BewG therefore provides for a correction based on the actual duration if the right lasted no longer than:
1. up to 30 years of age: 10 years
2. over 30 to 50: 9 years
3. over 50 to 60: 8 years
4. over 60 to 65: 7 years
5. over 65 to 70: 6 years
6. over 70 to 75: 5 years
7. over 75 to 80: 4 years
8. over 80 to 85: 3 years
9. over 85 to 90: 2 years
10. over 90: 1 year
The correction is made on application. For the recipient it generally means higher tax, because a smaller value is deducted retrospectively. The Usufruct Value Calculator shows the period for the age you enter.
Proving a different value
Under § 14(4) BewG, a demonstrably higher or lower fair value can be used. However, a different life expectancy, for instance due to serious illness, or a different interest rate are expressly excluded as grounds. In practice, the table therefore almost always applies.
Conclusion
The multiplier is not an estimate but an official value republished every year. Make sure you use the correct valuation date and the completed age. Calculate the capital value for your situation in the Usufruct Value Calculator.