Form Et 34 - Qualified Farm Property Valuation Election Application Page 3
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4ET 34
Rev. 4/12
Page 3
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) 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 one-acre homesite(s) only
(use column 4 below) ................................................................... $
(2) Market value of improvements 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) CAUV – sum of (a) and (c)(3)............................................................................................ $
(f) Qualifi ed use reduction – (d) minus (e), not to exceed the $500,000 recoupment base
(if more than $500,000, continue to line (g)).. ................................................................... $
(g) (Complete if (f) is more than $500,000) The amount more than $500,000 plus the
qualifi ed use value from line (e) above.............................................................................. $
Note: Report amount shown on line (e) [unless line (g) is completed] on estate tax form 2.
Report amount shown on line (g) [if line (g) is completed] on estate tax form 2.
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 qualifi ed use value is taken directly off the tax assessment card reduced by the value of the one-acre
homesite(s). (Most, but not all, qualifi ed 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 the 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 fi gures to
the appropriate lines above.
General information
Value of land minus the one-acre
Value of homesite and improvements cannot be less
than the county auditor’s appraisal
per parcel
homesite(s)
Column 1(A)
Column 1(B)
Column 3
Column 4
Column 5
Column 6
Column 2
Fair market
Site value(s) fair
Improvement
CAUV
Parcel
Ownership
Acres
value
market value
valuation’s market
number
per parcel
%
per parcel
per parcel
value per parcel
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