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Inheritances and donations in Hesse: only 9.6 billion euros in 2024!
In 2024, Hesse will inherit and donate 9.6 billion euros, despite a decrease compared to 2023. Tax revenue will increase.
Inheritances and donations in Hesse: only 9.6 billion euros in 2024!
In 2024, the amount that people in Hesse received through inheritance and donations was considerable at 9.6 billion euros. But compared to the previous year, that was a decline of 44.7 percent, when an incredible 17.4 billion euros were raised through asset transfers. A significant part of this decline is attributed to the particularly high donations in 2023, according to the Giessen General.
Statistically speaking, 6.5 billion euros were passed over the table in the form of inheritances last year, which accounts for two thirds of the total amount. The remaining 3.1 billion euros, around a third, were lifetime gifts. However, the Hessian state budget can be happy: tax revenue from inheritance and gift taxes rose by 66.9 percent to 1.2 billion euros, according to the information from the Wiesbaden State Statistical Office and supplemented by Hessen.de.
Tax framework and income
This year showed that average tax rates have increased. In 2024 the tax rate was 20.2 percent, while a year earlier it was 17.4 percent. These figures make it possible to better understand the increasing income from taxable employment. The assessment base survey also takes into account tax exemptions and allowances for unlimited taxpayers who are resident in Hesse or Germany.
Speaking of income: 75.6 percent of tax revenue was based on inheritances, which amounted to 922 million euros, while donations only accounted for 298 million euros and made up 24.4 percent of the total amount. Fortunately, asset transfers increased by 13 percent in 2024 compared to 2022, a positive trend that supports economic development in Hesse, as well n-tv reported.
Looking into the future
With such a significant decline in 2024, the question is whether we can expect a similar trend in the future or whether the market will recover. Citizens' initiatives are also calling for higher night flight fees at Frankfurt Airport, which could potentially have an impact on the country's economy. It remains exciting to see how the inheritance and gift trends develop in Hesse, while everyone involved hopes for a positive turnaround.