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Frequently Asked Questions

How do you calculate estate taxes?

Property taxes are calculated by taking the mill levy and multiplying it by the assessed value of your property. The assessed value estimates the reasonable market value for your home. It is based upon prevailing local real estate market conditions.

Does every estate have to pay an estate tax?

The vast majority of estates - 99.9% - do not pay federal estate taxes. While the top estate tax rate is 40%, the average tax rate paid is just 17%. The estate tax is only paid on assets greater than $5.3 million per individual ($10.6 million per couple). Even billionaires pay nothing on the first $5.3 million left to their heirs.

Who pays the estate tax?

For estates larger than the current federally exempted amount, any estate tax due is paid by the executor , other person responsible for administering the estate, or the person in possession of the decedent's property. That person is also responsible for filing a Form 706 return with the Internal Revenue Service (IRS).


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