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Income Tax Department

Contact Us

4717 Main Ave.

Ashtabula OH 44004

(440) 992-7104

(440) 992-7556 (Fax)

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:

Calendar Year
Annual Rate
Monthly Rate
0.42%
1.5%
0.5%
0.5833%
0.5833%
2015
18.0%
2016
5.0%
2017-2018
6.0%
2019
2020
2021
5.0%
5.0%
6.0%
0.5%