Form 34 - Qualified Farm Property Valuation Election Application (Section 5731.011 O.r.c.) Page 3
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4Estate Tax Form 34
Revised 12/01
6. Farm Use Valuation Instructions and Worksheet
Please complete the following to calculate the CAUV amount to be used for the Estate Tax Form 2
(a) Qualified use value (CAUV) for real property land only (use column 3 below) ................................... $ _____________
(b) Market value for real property land only (use column 2 below) .......................................................... $ _____________
(c) (1) Market value of the 1-acre homesite(s) only (use column 4 below) ........... $ _____________
(2) Market value of improvments only (use column 5 below) ........................... $ _____________
(3) Total of (c)(1) plus (c)(2) ............................................................................................................... $ _____________
(d) Total fair market value – sum of (b) and (c)(3) .................................................................................... $ _____________
(e) Qualified use value – sum of (a) and (c)(3)
(Note: this is the CAUV amount that will be reported on Estate Tax Form 2)............................... $ _____________
(f) Qualified use reduction – (d) minus (e), not to exceed the $500,000 recoupment base ....................... $ _____________
(g) Amount over $500,000 plus the qualified use value from above, line (e) ............................................. $ _____________
Fill in the columns below as follows:
Column 1 (A) and (B). Insert the parcel number in Column 1(A) and the number of acres in Column 1(B) for each parcel.
Column 2. Insert the appraiser’s opinion of the fair market value of the land only, less the value of the one-acre homesite(s).
The fair market value should be supported with comparable sales.
Column 3. The qualified use value is taken directly off the tax assessment card reduced by the value of the 1-acre
homesite(s). (Most, but not all, qualified use values contain a homesite value.) Do not include the one-acre homesite(s)
value in this column.
Column 4. The site(s) value(s) at the fair market value is/are determined separately by the appraiser(s). (Note: valuation
cannot be less than county auditor’s appraisal.)
Column 5. The improvement valuation(s) at fair market value(s) is/are determined separately by the appraiser(s). (Note:
valuation cannot be less than the county auditor’s appraisal.)
Column 6. Indicate the ownership percentage of the real estate owned by the decedent.
Show full values in all columns. Multiply columns 2, 3, 4 and 5 by the percentage in Column 6 and transfer these figures to
the approrpriate lines above.
General Information
Value of Land minus the
Valuation cannot be less than the
Per Parcel
One-Acre Homesite(s)
county auditor’s appraisal
Column 1(A)
Column 3
Column 4
Column 5
Column 6
Column 1(B)
Column 2
Fair Market
Qualified Use
Site value(s) fair
Improvement Valu-
Parcel
Value
Valuation
Ownership
market value
ation’s Market Value
Number
Acres
Per Parcel
Per Parcel
l
%
Per Parce
Per Parcel
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