Richard E. Jacobs’ passing might enrich Lakewood
It was reported today that Richard E. Jacobs, real estate magnate and former owner of the Cleveland Indians, passed away after a long illness just shy of his 84th birthday. The obit says he was a Lakewood resident. In checking around, it seems he lived at Winton Place.
My Ohio tax law knowledge is limited, but according to Wikipedia:
“Though the state enforces the tax (through its administrative officers in the counties) and receives the tax, it retains only 20% of the tax and passes the rest on to the townships or municipalities associated with the resident decedent or the resident decedent’s real property.”
The tax rate for estates valued at over $500,000 is $23,600 + 7% of excess over $500,000.
Mr. Jacobs probably had his loot squirreled away in places where it wouldn’t get hit by the full force of the estate tax, but it will be interesting to see if anything is coming Lakewood’s way.
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