A local Ohio town worries about the effects eliminating the estate tax will have on its overall revenue and future plans.
The town’s financial director says here city receives a large chunk of revenue from estate taxes currently. For example an Estate that’s valued at over $500,000 is taxed at 7 percent. The town gets 80 percent of this revenue and the rest goes to the state of Ohio she added.
This high percentage translates to roughly $5 million per year for the city, said aNew York Estate Planning Lawyer. He went on to say that the city budgets for this currently and without the extra revenue will likely have to find other ways to make cuts. Estate Administration in Manhattan and Queens must take these taxes into account for their clients.
Currently the town has plans for large capital improvements to the tune of $52.6 million over the next decade and was counting on the cash revenue from estate taxes to complete these projects. New York Estate Planning Lawyers commented that the projected tax revenue losses will have to make up in other ways.
“We’ll use up all of our existing estate tax dollars and nothing to replace them with,” said a town official. “We don’t know for sure what will happen and will have to adjust.”
Another official said, “We’re going to have to cut our expenses in order to keep wealthy residents from moving away.”
NY Estate Planning Lawyers anticipate the next council meeting will be mostly about finding other ways for the town to create revenue for itself for future projects.
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