Overview of the Oregon Estate Tax

The Oregon estate tax is a tax that is levied on the transfer of the estate of a deceased person. It is separate from the federal estate tax, which is a tax on the transfer of the estate of a deceased person at the federal level. The Oregon estate tax applies to estates with a value of more than $1 million.

The Oregon estate tax rate is tiered, with the tax rate increasing as the value of the estate increases. For estates with a value of more than $1 million but less than $2 million, the tax rate is 10%. For estates with a value of more than $2 million but less than $9.5 million, the tax rate is 12%. For estates with a value of more than $9.5 million, the tax rate is 16%.

There are some exclusions and deductions available for the Oregon estate tax. For example, the estate tax does not apply to transfers to a surviving spouse, and there is a deduction for charitable bequests. Additionally, there is a credit available for taxes paid to other states on property located outside of Oregon.

Overall, the Oregon estate tax is a complex tax that can have significant consequences for the transfer of wealth from one generation to the next. It is important for individuals and families to understand the provisions of the Oregon estate tax and to plan accordingly to minimize the impact of the tax on their estates.