Income Tax Penalty and Interest

The interest rate for tax year 2023 is 7% per annum.

The interest rate for tax year 2022 is 5% per annum.

The interest rate for tax year 2021 is 5% per annum.

The interest rate for tax year 2020 is 7% per annum.

The interest rate for tax year 2019 is 7% per annum.

The interest rate for tax year 2018 is 6% per annum.

The interest rate for tax year 2017 is 6% per annum.

The interest rate for tax year 2016 is 5% per annum.

Ohio Revised Code 718.27 requires that municipalities set the interest rate for delinquent unpaid tax liabilities at the federal short-term rate (rounded to the nearest whole number percent) plus 5 percent (5%). Interest imposed per annum on all unpaid income tax, unpaid estimated income tax, and unpaid withholding tax. The interest rate applies to the calendar year following the July of the year in which the federal short-term rate is determined.

The Federal Short Term Rate is available on the following webpage:

http://apps.irs.gov/app/picklist/list/federalRates.html