For tax years beginning January 2016
Interest shall be imposed at the rate calculated based on the federal short-term rate, rounded to the nearest whole number percent, plus five percent (5%) per annum on all unpaid income tax, unpaid estimated income tax and unpaid withholding tax. Interest shall be charged per month, or fraction of a month.
With respect to unpaid income tax and unpaid estimated income tax, a penalty equal to fifteen percent (15%) of the amount not timely paid shall be imposed.
With respect to any unpaid withholding tax, a penalty equal to fifty percent (50%) of the amount not timely paid shall be imposed.
The Tax Office shall impose a monthly penalty of twenty-five dollars ($25.00) for failure to timely file a return, regardless of the liability. The penalty shall be charged for each month, or fraction thereof, not to exceed a total of one hundred fifty dollars ($150.00).
The interest rates to 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 applies to the next succeeding calendar year”.
|Calendar Year||Annual Rate||Monthly Rate|
|2015 & Prior||12.00%|