If the net taxable estate is:	The tax shall be:
over $2 Million Dollars	$780,000 plus 46% of the excess over $2 Million Dollars

 

Ohio Estate Tax Rates (ORC §57301.02)

If the net taxable estate is:	The tax shall be
Over $338,333 but not over $500,000	$13,900 plus 6% of the excess over $338,333
Over $500,000	$23,600 plus 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 $780,000 (equivalent of $2,000,000 tax free). Part of the Federal Unified Credit may be diminished by lifetime gifts in excess of $12,000 (or $24,000 if given jointly by spouses and en election is made) during any given year. Gifts under $12,000 from any person to another indivual ($24,000 for spouses) are exempt form taxation and reporting.