Property owned jointly between husband and wife is exempt from Inheritance Tax. Since 1995, property inherited by a surviving spouse, or from a child 21 or younger by a parent, is taxed at a rate of 0 percent.roperty owned jointly between husband and wife is exempt from Inheritance Tax. Since 1995, property inherited by a surviving spouse, or from a child 21 or younger by a parent, is taxed at a rate of 0 percent.