Form Et 34 - Qualified Farm Property Valuation Election Application
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4ET 34
Rev. 4/12
Estate Tax Unit
P.O. Box 183050
Columbus, OH 43218-3050
Reset Form
1-(800) 977-7711
tax.ohio.gov
Qualifi ed Farm Property Valuation
Election Application (Ohio Revised Code Section 5731.011)
For dates of death prior to Jan. 1, 2013
Estate of: Decedent’s last name
Decedent’s fi rst name and initial
Date of death
County in Ohio
Case number
Decedent’s Social Security number
Part I – Qualifi cation
Ohio Revised Code (R.C.) section 5731.011 allows qualifi ed farm property to be valued according to its qualifed use
(CAUV value). To determine if farm property qualifi es, please answer the following questions.
1. Real property. Is the farm located in Ohio?
Yes
No
2. Qualifi ed heir. Has the farm property been inherited from or passed from the decedent to
decedent’s spouse, to the decedent’s children or their spouses or their descendants or spouse
of a descendant, to parents, aunts or uncles of the decedent or their descendants or spouse
of a descendant?
Yes
No
3. Qualifi ed use. Has the farm property been devoted exclusively to agricultural use within the
meaning of R.C. section 5713.30(A)?
Yes
No
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 satisfi ed 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 R.C. section 5731.011), devoted exclusively to agricultural use must be at least fi fty percent (50%) of the
value of the 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 four decimal places ............................................................ $
5. Twenty-fi ve percent test. The adjusted fair market value of the real farm property (without any adjustment under
R.C. section 5731.011), devoted exclusively to agricultural use must be at least twenty-fi ve percent (25%) of the
value of the 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 four decimal places ........................................................... $
If the farm property satisfi es 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.
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