Summit County Fiscal Office

The Fiscal Officer acts as an agent for the State of Ohio Tax Commissioner.

Total revenue produced by Ohio’s estate tax amounted to $272.7 million in Fiscal year 2006.

Senate Bill 108, 123^rd General Assembly, resulted in significant tax cuts to the Ohio estate tax. For dates of death on or after January 1, 2002, every estate tax receives a credit of $13,900.

For dates of death on or after January 1, 2002, estates with gross values over $338,333 are required to file an estate tax return regardless of whether a Federal estate tax return is filed. Estates have a total of 15 months to file returns; interest on any tax due begins to accrue at variable rates 9 months from the date of death.

H.B. 66 amended Section 5731.18 to incorporate any federal changes made by Congress to the Internal Revenue Code as of June 30, 2005. Since the federal credit for state death taxes has been repealed, the state additional estate tax is eliminated for all decedents who die on or after July 1, 2005. Click HERE for more detailed information regarding this tax.

The tax commissioner no longer requires Application 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 obtained for assets passing to a surviving spouse alone, regardless of the dollar amount. Form ET 13 Application for Consent to Transfer the Proceeds of Insurance Contracts, etc.

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 non-resident decedents of the State of Ohio.

In addition, financial institutions may permit access to all boxes without requiring a tax release, or other form from the tax commissioner consenting to the access.