Succession Tax Law and Legal Definition
Succession tax is the tax upon an interest in real property, whether passing by will or under the law of descent.
A succession tax is a duty or bonus exacted in certain instances by the state upon the right and privilege of taking legacies, inheritances, gifts and successions passing by will, by intestate laws, or by any deed or instrument, made inter vivos, intended to take effect at or after the death of the grantor. The burden or the tax is not imposed upon the property itself, but upon the privilege of acquiring property by inheritance. [In re ESTATE OF MACKY, 46 Colo. 79, 91-92 (Colo. 1909)].