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Estate Tax Form 34

Revised 12/01

Estate Tax Division

800 Freeway Drive North

Columbus, OH 43229-5404

1 (800) 977-7711

Qualified Farm Property Valuation

Election Application (Section 5731.011 O.R.C.)

Estate of: Decedent’s Last Name

Decedent’s First Name and Initial

Date of Death

County in Ohio

Case Number

Decedent’s Social Security Number

Part I – Qualification

Section 5731.011 O.R.C. allows qualified farm property to be valued according to its qualifed use (CAUV value). To determine

if farm property qualifies, please answer the following questions.

1. Real Property. Is the farm located in Ohio?

Yes

2. Qualified heir. Has the farm property been inherited from or passed from decedent to decedent’s

spouse, to decedent’s children or their spouses or their descendants or spouse of a descendant,

to parents, aunts or uncles of decedent or their descendants or spouse of a descendant?

Yes

3. Qualified use. Has the farm property been devoted exclusively to agricultural use within the

meaning of Section 5713.30(A), O.R.C.?

Yes

If any answer to questions 1, 2 or 3 was “NO,” the farm property will not qualify for the farm valuation election. If the answers

were all “YES,” these additional two requirements must be satisfied in order to qualify for the farm valuation election.

4. Fifty percent test. The adjusted fair market value of the real and personal farm property (without any adjustment under

Section 5731.011 O.R.C.), devoted exclusively to agricultural use must be at least fifty percent (50%) of the value of

decedent’s adjusted gross estate. Use the following worksheet for the calculation.

(a) Fair market value of gross estate .................................................................................................. $ _____________

(b) Less: mortgages and liens ........................................................................................................... ( _____________ )

(c) Adjusted gross estate – (a) minus (b) ........................................................................................... $ _____________

(d) Fair market value of real and personal farm property ................................................................... $ _____________

(e) Less: mortgages and liens ........................................................................................................... ( _____________ )

(f) Adjusted value of real and personal farm property – (d) minus (e) ................................................. $ _____________

(g) Ratio of (f) over (c) carried to 4 decimal places .............................................................................

_____________

5. Twenty-five percent test. The adjusted fair market value of the real farm property (without any adjustment under

Section 5731.011 O.R.C.), devoted exclusively to agricultural use must be at least twenty-five percent (25%) of the value

of decedent’s adjusted gross estate. Use the following worksheet for the calculation.

(a) Adjusted gross estate (from 4(c) above) ....................................................................................... $ _____________

(b) Fair market value of real farm property ......................................................................................... $ _____________

(c) Less: mortgages and liens ........................................................................................................... ( _____________ )

(d) Adjusted value of real farm property – (b) minus (c) ...................................................................... $ _____________

(g) Ratio of (d) over (a) carried to 4 decimal places ............................................................................

_____________

If the farm property satisfies the requirements of questions 4 and 5, the farm property valuation election may be made. Part II

of this Form must be completed if the farm property valuation election is made.