Ohio Department of Taxation Individual Income Tax

Annual Certified Interest Rates 1983-2009

Note: Beginning July 1, 2005, estate tax and tangible personal property tax are subject to an interest rate different than for the other taxes. See Table 2 for new interest rate on estate tax and tangible personal property tax.

• Journal Entry:
  • Interest Rate Certification for Calendar Year 2009 ^(PDF)
  • Interest Rate Certification for Calendar Year 2008 ^(PDF)
  • Interest Rate Certification for Calendar Year 2007 ^(PDF)
  • Interest Rate Certification for Calendar Year 2006 ^(PDF)
  • Interest Rate Certification for Calendar Year 2005 ^(PDF)
  • Interest Rate Certification for Calendar Year 2004 ^(PDF)

Table 1 - Certified interest rates for most taxes
Calendar Year	Annual Rate	Monthly Accrual
2009*	5.0%	0.42%
2008*	8.0%	0.67%
2007*	8.0%	0.67%
2006*	6.0%	0.50%
2005*	5.0%	0.42%
2004	4.0%	0.33%
2003	6.0%	0.50%
2002	7.0%	0.58%
2001	9.0%	0.75%
2000	8.0%	0.67%
1999	8.0%	0.67%
1998	9.0%	0.75%
1997	9.0%	0.75%
1996	9.0%	0.75%
1995	9.0%	0.75%
1994	7.0%	0.58%
1993	7.0%	0.58%
1992	10.0%	0.83%
1991	11.0%	0.92%
1990	11.0%	0.92%
1989	11.0%	0.92%
1988	10.0%	0.83%
1987	6.0%	0.50%
1986	8.0%	0.67%
1985	9.0%	0.75%
1984	9.0%	0.75%
1983	10.0%	0.83%
*See Table 2 for estate tax and tangible personal property tax interest rates.

 

Table 2: Interest rate applicable only to estate tax and tangible personal property tax
	Annual Rate	Monthly Accrual
Calendar Year 2009	2.0%	0.17%
Calendar Year 2008	5.0%	0.42%
Calendar Year 2007	5.0%	0.42%
Calendar Year 2006	3.0%	0.25%
July - December 2005	2.0%	0.17%
January - June 2005	5.0%	0.42%

 

Interest Rate Formula:

Tax due x interest rate x number of days late ÷ number of days in year = Interest

Example: 2006 IT-1040 filed June 21, 2008 with a tax due of $60.00

$60.00 x 8% x 260 days ÷ 365 = $3.42

$60.00 x 8% x 173 days ÷ 366 = $2.27

Total Interest = $5.69