Form Et 34 - Qualified Farm Property Valuation Election Application Page 4
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4ET 34
Rev. 4/12
Page 4
7. Timely fi led return. The election is effective only if made on a timely fi led estate tax return, with any extensions granted
by the Estate Tax Unit. Estates of decedents with a date of death on or after Jan. 1, 2000, are granted an automatic
six-month extension, allowing them a total of 15 months to fi le the estate tax return. Any additional six-month extensions
must be requested in writing directly to the Estate Tax Unit on estate tax form 24 before the due date of the return.
8. Disposition. If an interest in the qualifi ed farm property is disposed of (other than a transfer to another qualifi ed heir)
or the farm property is no longer devoted exclusively to agricultural use within four (4) years of the decedent’s death
and prior to the qualifi ed heir’s death, then a recapture tax shall be imposed. The recapture tax shall be equal to the
tax savings realized by the decedent’s estate by the farm property valuation election. The tax and interest (calculated
from nine months from decedent’s death) are due within nine (9) months of the disqualifying disposition or cessation of
qualifi ed use. The qualifi ed heir is personally liable for payment of the recapture tax owed. File estate tax form 2X.
9. Annual reports. The qualifi ed heir must fi le an annual report, estate tax form 36, on the second, third and fourth
anniversary dates of the decedent’s death with the Estate Tax Unit (P.O. Box 183050, Columbus, OH 43218-3050)
verifying that the farm property has not been disposed of nor ceased to be devoted exclusively for agricultural use by
the qualifi ed heir.
10. Lien. A tax lien equal to the tax savings realized by the decedent’s estate due to the farm property valuation election
shall remain on the farm property for four years from the decedent’s death or until earlier discharge. The tax lien may
be subordinated by the tax commissioner upon written request if the state’s interest remains adequately protected
after the subordination.
11. Inspection. The tax commissioner, or duly appointed agent, is entitled to inspect the farm property to verify the ac-
curacy of the statements in this election.
Attach this completed estate tax form 34 to the back of the estate tax return form 2.
Date Received by
Ohio Department of Taxation
Part III – Identifi cation
Name of preparer
Address
City, state and ZIP code
Telephone number of preparer
Designation, please check one:
Attorney
Executor
Administrator(s)
Part IV – Signature and Verifi cation
Under penalties of perjury, I declare that to the best of my knowledge and belief, the statements made herein are true and correct.
Signature of preparer
Date
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