Ohio Estate Tax
What is Ohio Estate Tax?
An Ohio estate is levied by the State of Ohio on the estate (including both probate and non-probate property) of a decedent who was a resident of Ohio at time of death.
An Ohio estate tax return must be filed when the value of the gross estate exceeds $200,000 for deaths in 2001 and $338,000 for deaths on and after 01/01/2002.
If the value of the gross estate is less than $200,000 for dates of death in 2001, an Ohio estate Form 22 must be filed if there is real estate.
An estate tax must be paid when the amount of the gross estate exceeds the $6,600 tax credit for 2001 or $13,000 for 2002 (generally equivalent to a $200,000 or $338,000 estate exemption), plus the amount of the administration costs, debts, and deductions allowed by law.
A surviving spouse receives an unlimited marital deduction for dates of death on and after July 1, 1993 which can result in no estate tax on property passing to a surviving spouse.
The Ohio estate tax rates are as follows:
|If the taxable estate is:||The tax shall be:|
|Not over $40,000||2% of the taxable estate|
|Over $40,000 but not over $100,000||$800 plus 3% of the excess over $40,000|
|Over $100,000 but not over $200,000||$2,600 plus 4% of the excess over $100,000|
|Over $200,000 but not over $300,000||$6,600 plus 5% of the excess over $200,000|
|Over $300,000 but not over $500,000||$11,600 plus 6% of the excess over $300,000|
|Over $500,000||$23,600 plus 7% of the excess over $500,000|