New York Probate and Estate Administration Lawyer Blog
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.