If the net taxable estate is:	The tax rate shall be:
over $3.5 Million Dollars	45% of the excess over $3.5 Million Dollars

 

Ohio Estate Tax Rates (ORC §5731.02)

If the net taxable estate is:	The tax shall be
Over $338,333 but not over $500,000	6% of the excess over $338,333
Over $500,000	7% of the excess over $500,000

 

NOTE: In Ohio, a credit for the first $13,900 owed on taxes is provided (the equivalent of transferring $338,333 tax free). Similarly, the IRS provides a credit of $1,455,800 (equivalent of $3,500,000 tax free). Part of the Federal Unified Credit may be diminished by lifetime gifts in excess of $13,000 (or $26,000 if given jointly by spouses and en election is made) during any given year. Gifts under $13,000 from any person to another indivual ($26,000 for spouses) are exempt form taxation and reporting. Also, Generation Skipping Taxes may be owed, which also have an applicable exclusion amount of $3.5 million in 2009. Rates are expected to change in the future.