202. VALUATION

202 VALUATION 202.1 The taxable value of any estate for years shall be determined by multiplying five percent (5%) of the market value of the property from which the estate accrues by the figure shown in the table in § 202.3 opposite the number of years for which the estate is fixed. 202.2 The taxable value of a fixed annuity shall be determined by multiplying the aggregate fixed sum or sums to be received each year by the figure shown in the table in § 202.3 opposite the fixed number of years during which the annuity is to run. 202.3 FIXED ANNUITY TABLE (5%): Present worth of an annuity of one dollar ($ 1) payable at the end of each year for a certain number of years: Years Years Years Years 1 $ 0.9524 21 $ 12.8212 41 $ 17.2944 61 $ 18.9803 2 1.8594 22 13.1630 42 17.4232 62 19.0288 3 2.7232 23 13.4886 43 17.5459 63 19.0751 4 3.5460 24 13.7986 44 17.6628 64 19.1191 5 4.3295 25 14.0939 45 17.7741 65 19.1611 6 5.0757 26 14.3752 46 17.8801 66 19.2010 7 5.7864 27 14.6430 47 17.9810 67 19.2391 8 6.4632 28 14.8981 48 18.0772 68 19.2753 9 7.1078 29 15.1411 49 18.1687 69 19.3098 10 7.7217 30 15.3725 50 18.2559 70 19.3427 11 8.3064 31 15.5928 51 18.3390 71 19.3740 12 8.8633 32 15.8027 52 18.4181 72 19.4038 13 9.3936 33 16.0025 53 18.4934 73 19.4322 14 9.8986 34 16.1929 54 18.5651 74 19.4592 15 10.3797 35 16.3742 55 18.6335 75 19.4850 16 10.8378 36 16.5469 56 18.6985 76 19.5095 17 11.2741 37 16.7113 57 18.7605 77 19.5329 18 11.6896 38 16.7113 58 18.8195 78 19.5551 19 12.0853 39 17.0170 59 18.8758 79 19.5863 20 12.4622 40 17.1591 60 18.9293 80 19.5965 202.4 The taxable value of life interest in any property shall be determined by multiplying five percent (5%) of the market value of the property (as of date of death of decedent) from which the life interest is to accrue, by the figure shown opposite the age of the beneficiary in the American Experience Table of Mortality in § 202.6. 202.5 The taxable value of an annuity for life shall be multiplied by the appropriate figure in the same table, instead of five percent (5%) of the value of the property from which the annuity accrues. If payments under an annuity are to be made more often than once each year, the aggregate of those payments per year shall be considered the annuity payment for purposes of determining the taxable value. 202.6 ANNUITY VALUATION TABLE BASED ON AMERICAN EXPERIENCE TABLE OF MORTALITY (WITH INTEREST AT 5%): Annuity or present value of one dollar ($ 1) due at the end of each year during the life of a person of specified age: Age Age Age 0 $ 12.818 32 $ 14.85666 64 $ 7.75900 1 14.922 33 14.73492 65 7.45885 2 15.731 34 14.60774 66 7.15921 3 16.125 35 14.47479 67 6.86074 4 16.346 36 14.33572 68 6.56420 5 16.472 37 14.19057 69 6.27048 6 16.535 38 14.03897 70 5.98022 7 16.561 39 13.88092 71 5.69422 8 16.560 40 13.71604 72 5.41286 9 16.540 41 13.54430 73 5.13592 10 16.50475 42 13.36528 74 4.86279 11 16.46076 43 13.17891 75 4.59264 12 16.41469 44 12.98494 76 4.32477 13 16.36642 45 12.78344 77 4.05856 14 16.31581 46 12.57414 78 3.79392 15 16.26274 47 12.35728 79 3.53109 16 16.20722 48 12.13275 80 3.27017 17 16.14986 49 11.90076 81 3.01349 18 16.08779 50 11.66175 82 2.76062 19 16.02372 51 11.41594 83 2.51052 20 15.95658 52 11.16361 84 2.26066 21 15.88620 53 10.90499 85 2.00986 22 15.81257 54 10.64036 86 1.76061 23 15.73552 55 10.37017 87 1.51750 24 15.65484 56 10.09472 88 1.28611 25 15.57033 57 9.81450 89 1.06704 26 15.48176 58 9.52988 90 0.85453 27 15.38910 59 9.24127 91 0.64497 28 15.29210 60 8.94928 92 0.44851 29 15.19051 61 8.65445 93 0.28761 30 15.08425 62 8.35742 94 0.13605 31 14.97307 63 8.05876 202.7 The age of the beneficiary to be used is the age on the birthday of the beneficiary nearest the date of the death of the decedent. 202.8 In determining the value of any estate for life limited upon a precedent estate for life or a term of years, the value of the precedent life interest or a term of years shall be deducted, except where the time for payment of the tax is postponed under the provisions of § 7 of Article 1 of the Act. 202.9 Where an estate for life, or for years, can be divested by the act or omission of any legatee or devisee, it shall be taxed as if there were no possibility of such divesting. 202.10 In determining the value of the share or interest of a beneficiary in any estate where the beneficiary is presently in possession or enjoyment of the share or interest, no allowance shall be made on account of any contingent encumbrance nor for any contingency upon the happening of which the estate of property or some part of it or interest in it might be abridged, defeated, or diminished. 202.11 Income accrued but not collected at the time of the death of the decedent is subject to the tax and is to be included in the valuation of the property. SOURCE: Commissioners' Order 299-637/12, effective June 14, 1944, 16 DCRR §§ 403.1 through 403.3, 403.5 through 403.7.