By October 31 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 Ohio Revised Code Section 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 Ohio Revised Code Section 718.27(A)(5).
Based on these requirements, the applicable interest rate is as follows:
Calendar Year Annual Rate
2015 and prior 12.00
For 2018 Tax Year
The City of Washington's 2018 tax rate is 1.95%.
The City of Washington’s interest rate for the tax year 2018 will be 6% annum.
The rates are based on the federal short term rate plus 5% per the passing of H.B. 5 by the state legislature and will be subject to change each year.
This rate applies only to the 2018 tax year, all previous years are applicable to past rates.