Web Address:
Ohio Department of Taxation
Estate Tax Forms
Frequently
Asked Questions (FAQ)
Estate Tax Rates:
If the taxable estate is not over $40,000 the tax shall be 2% of the taxable estate.
If the taxable estate is over $40,000
but not over $100,000 the tax shall be $800 plus 3% of the excess over $40,000.
If the taxable estate is over $100,000
but not over $200,000 the tax shall be $2,600 plus 4% of the excess over $100,000.
If the taxable estate is over $200,000
but not over $300,000 the tax shall be $6,600 plus 5% of the excess over $200,000.
If the taxable estate is over $300,000
but not over $500,000 the tax shall be $11,600 plus 6% of the excess over $300,000.
If the taxable estate is over $500,000
the tax shall be $23,600 plus 7% of the excess over $500,000.
Changes to the
Ohio Estate Tax as a result of Substitute SB 108
Filing Requirements
For dates of death prior to January 1, 2001 Gross
Estate (probate and nonprobate assets) $25,000 or more.
For dates of death January 1, 2001 through December
31, 2001 Gross Estate (probate and nonprobate assets) $200,000 or more.
For dates of death on or after January 1, 2002 Gross
Estate (probate and nonprobate assets) $338,000 or more.
Estate Tax Credits
For dates of death prior to January 1, 2001 a credit
in the amount off five hundred dollars ($500.00) is available.
For dates of death January 1, 2001 through December
31, 2001 a credit in the of amount six thousand, six hundred dollars ($6,600.00) is
available.
For dates of death on or after January 1, 2002 a
credit in the amount of thirteen thousand, nine hundred dollars ($13,900.00) is available.
Distribution of Estate Tax
For dates of death prior to July 1, 1983, 50 per cent
of the gross amount of taxes levied and paid shall be for the use of the municipal
corporation or township in which the tax originates.
For dates of death on or after July 1, 1983, and
before January 1, 2001, 64 per cent of the gross amount of taxes levied and paid
shall be for the use of the municipal corporation or township in which the tax originates.
For dates of death on January 1, 2001 through
December 31, 2001, 70 per cent of the gross amount of taxes levied and paid shall be for
the use of the municipal corporation or township in which the tax originates.
For dates of death on or after
January 1, 2002, 80 per cent of the gross amount of taxes levied and paid shall be for the
use of the municipal corporation or township in which the tax originates.
The remainder shall be for the use of the state.
Changes to the Ohio Estate Tax as
a Result of the Tax Commissioner's
Authorization
Extensions of Time to File the
Ohio Estate Tax Return
For dates of death on or after January 01, 2000 the
tax commissioner has authorized an automatic, six-month extension of time to file the Ohio
estate tax return. This permits estates with a date of death on or after
January 01, 2000 to have 15 months to file the estate
tax return. If additional time is needed, the estate representative may apply for an
extension of time to file by submitting E.T. Form 24, directly to the Estate Tax Division
before the 15 month due date of the return. An extension, if granted, is for a maximum of
six months per request.
Interest on any estate tax due will be calculated
from nine months from date of death regardless if the estate utilizes the automatic or
additional extensions.
Tax Release Requirements
Effective on January 1, 2001, regardless of the date
of death of the decedent, the tax commissioner will no longer require applications for
consent to Transfer Property of a Resident or Nonresident Decedent for assets equal to
$25,000 or less per account. Also, tax releases are not required to be filed for assets
passing to a surviving spouse alone, regardless of the dollar amount.
Safe Deposit Box Inventories
Effective on January 1, 2001, regardless of the date
of death of the decedent the tax commissioner will no longer require the inventory of a
safe deposit box upon the death of the owner, co-owner or any other person having access
to the box. This includes self-storage boxes currently in use by several financial
institutions or any other receptacle that may be deemed a "safe deposit box".
This policy change applies to both resident and nonresident decedents of the State of
Ohio.
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