Income Tax Penalties and Interest
By October 31st of each year, the interest rate that will apply to overdue municipal income taxes during the next calendar year will be posted herein, as required by ORC Sec. 718.27 (F).
The interest rate is calculated by adding five percentage points to the federal short-term rate (rounded to the nearest whole number percent) that was in effect during July of the current year, in accordance with ORC Sec. 718.27 (A)(5).
Based on these requirements, the applicable interest rate is as follows: