Tax Interest and Penalty Rates

ANNUAL INTEREST RATES 

The interest rates shall be applied to all unpaid income and withholding tax balances. These rates are being published in accordance with Ohio Revised Code 718.27(F) which states that "By the thirty-first day of October of each year the municipal corporation shall publish the rate described in division (A) of this section applicable to the next succeeding calendar year."

The interest rate is calculated by adding five percentage points to the federal short-term rate (rounded to the nearest whole number %) that was in effect during July of the current year, in accordance with Ohio Revised Code Section 718.25(A)(5), and is applicable to tax years beginning on or after January 1, 2016.

Based on these requirements, the applicable interest rate is as follows:

CALENDAR YEARMONTHLY INTEREST RATEYEARLY INTEREST RATE
20240.83%10%
20230.58%7%
20220.42%5%
20210.42%5%
20200.58%7%
20190.58%7%
20180.50%6%
20170.50%6%


PENATLY & INTEREST

Penalty and interest is charged on all late and unpaid income and withholding tax, late or non-filing of an income tax return, landlord tenant roster, and employer annual reconciliation. All penalty and interest is mandated by the State of Ohio. Penalty is applied as stated in the table. 

PENALTYCALENDAR YEARAMOUNT ASSESSED
Late File 2016 and after$25 per month, not to exceed $150
Late Pay2016 and afterOne-time 15%
Late Withholding2016 and afterOne-time 50%