Indiana Code 6-4.1-5-1. Tax rates; transfers to Classes A, B, and C transferees
(1) the total fair market value of the property interests transferred by the decedent to the transferee under a taxable transfer or transfers; minus
Terms Used In Indiana Code 6-4.1-5-1
- Decedent: A deceased person.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(b) The inheritance tax imposed on a decedent’s transfer of property interests to a particular Class A transferee is prescribed in the following table:
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NET TAXABLE VALUE OF PROPERTY INTERESTS TRANSFERRED |
INHERITANCE TAX |
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$25,000 or less |
1% of net taxable value |
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over $25,000 but not |
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over $50,000 |
$250, plus 2% of net |
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taxable value over $25,000 |
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over $50,000 but not |
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over $200,000 |
$750, plus 3% of net taxable value over $50,000 |
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over $200,000 but not |
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over $300,000 |
$5,250, plus 4% of net taxable value over $200,000 |
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over $300,000 but not |
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over $500,000 |
$9,250, plus 5% of net taxable value over $300,000 |
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over $500,000 but not |
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over $700,000 |
$19,250, plus 6% of net taxable value over $500,000 |
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over $700,000 but not |
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over $1,000,000 |
$31,250, plus 7% of net taxable value over $700,000 |
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over $1,000,000 but not |
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over $1,500,000 |
$52,250, plus 8% of net taxable value over $1,000,000 |
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over $1,500,000 |
$92,250, plus 10% of net taxable value over $1,500,000 |
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(c) The inheritance tax imposed on a decedent’s transfer of property interests to a particular Class B transferee is prescribed in the following table:
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NET TAXABLE VALUE OF PROPERTY INTERESTS TRANSFERRED |
INHERITANCE TAX |
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$100,000 or less |
7% of net taxable value |
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over $100,000 but not |
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over $500,000 |
$7,000, plus 10% of net taxable value over $100,000 |
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over $500,000 but not |
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over $1,000,000 |
$47,000, plus 12% of net taxable value over $500,000 |
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over $1,000,000 |
$107,000, plus 15% of net taxable value over $1,000,000 |
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(d) The inheritance tax imposed on a decedent’s transfer of property interests to a particular Class C transferee is prescribed in the following table:
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NET TAXABLE VALUE OF PROPERTY INTERESTS TRANSFERRED |
INHERITANCE TAX |
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$100,000 or less |
10% of net taxable value |
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over $100,000 but not |
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over $1,000,000 |
$10,000, plus 15% of net taxable value over $100,000 |
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over $1,000,000 |
$145,000, plus 20% of net taxable value over $1,000,000 |
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As added by Acts 1976, P.L.18, SEC.1. Amended by Acts 1977(ss), P.L.6, SEC.7; Acts 1979, P.L.75, SEC.10; Acts 1980, P.L.57, SEC.12; P.L.87-1983, SEC.5; P.L.86-2018, SEC.78.