Is an 'inherited' house considered a zakatable asset?
بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم
In the name of Allah, the Most Gracious, the Most Merciful
Property is not considered Zakatable asset as it is not growing. However, Zakat can be applied if the property is being monetized through sale or rent.
In other words, there is no Zakat on an inherited house unless the house is sold or rented out, only then Zakat will be applicable on the money once it is received. This provided the amount received from the fixed rent or sale reaches the Nisab threshold and a lunar year passes over it.
Only Allah knows best
Written by Imam Abdul-Malik Sheikh
Checked and approved by Mufti Mohammed Tosir Miah
Darul Ifta Birmingham
 Al-Binayah Sharh al-Hidayah of Imām al-Ayni Vol.3 p.303, Dar al-Kutub al-Ilmiyyah Edition