By October 31 of each year, the interest rate that applies to unpaid income tax balances during the next calendar year will be posted herein, as required by the 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. The applicable interest rates are as follows:
| Year |
Annual Interest Rate |
Monthly Interest Rate |
| 2023 |
7.0% |
.58% |
2022
2021
2020
2019
2018
2017
2016 |
5.0%
5.0%
7.0%
7.0%
6.0%
6.0%
5.0% |
.42%
.42%
.58%
.58%
.50%
.50%
.42% |
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