While property values are periodically taxed via IRPEF (Imposta sui redetti delle persone fisiche), there is now no capital gains tax on property (the former INVIM) and there is no wealth tax. Inheritance and gifting of property (to close family members) under €80,760 is protected from tax. The position on inheritance with numerous exemptions and a sliding scale of marginal taxation is complicated and you should seek expert advice. However your Italian property is regarded as being subject to the tax laws of your home country. Once again it is advisable to consult the commercialista or your tax advisor at home.