What are the inheritance tax rates in Ohio?


Quick Answer

As of 2015, Ohio has no state inheritance tax, reports About.com. Although Ohio had an estate tax, it was repealed with the 2012-2013 budget bill, which became effective Jan. 1, 2013, states the Ohio Department of Taxation.

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Full Answer

Before it was repealed, Ohio levied a tax on estates with values over $338,333, which was the lowest minimum exemption amount in the United States, according to Nolo. From Jan. 1, 2002, to Dec. 31, 2012, the tax collected for estates valued from $338,333 to $500,000 was $13,900 plus 6 percent of the estate value over $338,333, reports the Ohio Department of Taxation. For estates valued over $500,000, the tax rate was $23,600 plus 7 percent of the estate value over $500,000. Estates passing directly to spouses were exempt from the tax, says Nolo. Executors of estates valued over $338,333 were required to file returns even if no taxes were due.

The Ohio estate tax was levied on Ohio residents and nonresidents who owned property in the state, according to Nolo. Property that comprised the gross estate included cash, bank accounts, investment accounts, retirement accounts, insurance proceeds, business interests, real estate, personal property and assets held in revocable living trusts. Deductions such as taxes, medical expenses, funeral expenses and attorney's fees often reduced the value of the estate so much that no taxes were due.

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