Annual Certified Interest Rates
By Oct. 15 of each year, the Ohio Tax Commissioner certifies the interest rates that will apply to overdue taxes during the next calendar year. For most taxes, the interest rate is calculated by adding three percentage points to the federal short-term rate (rounded to the nearest percentage point) that was in effect during July of the current year.
Based on this formula, the Tax Commissioner has certified that the interest rate that will apply to most overdue taxes will be 3 percent for calendar year 2021. A table of interest rates that applies to previous years may be found below.
Since July 1, 2005, a different rate of interest has applied to overdue estate taxes and tangible personal property taxes. This rate is calculated by simply rounding the federal short term rate to the nearest percentage point. Accordingly, the interest rate on overdue tangible personal property and estate taxes will be 0 percent for calendar year 2021. See Table 2 for the rate in effect in previous years.
An example of how to calculate interest using these tables is also listed below, as well as copies of recent journal entries certifying these rates.
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Table 1 - Certified interest rates for most taxes |
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Calendar |
Annual |
Monthly |
| 2021* | 3.0% | 0.25% |
| 2020* | 5.0% | 0.42% |
| 2019* | 5.0% | 0.42% |
| 2018* | 4.0% | 0.33% |
| 2017* | 4.0% | 0.33% |
| 2016* | 3.0% | 0.25% |
| 2015* | 3.0% | 0.25% |
| 2014* | 3.0% | 0.25% |
| 2013* | 3.0% | 0.25% |
| 2012* | 3.0% | 0.25% |
| 2011* | 4.0% | 0.33% |
| 2010* | 4.0% | 0.33% |
| 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% |
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*See Table 2 for estate tax and tangible personal property tax interest rates. |
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Table 2: Interest rate for estate tax and tangible personal property tax |
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Annual |
Monthly |
| Calendar Year 2021 | 0% | 0% |
| Calendar Year 2020 | 2.0% | 0.17% |
| Calendar Year 2019 | 2.0% | 0.17% |
| Calendar Year 2018 | 1.0% | 0.08% |
| Calendar Year 2017 | 1.0% | 0.08% |
| Calendar Year 2016 | 0.0% | 0.0% |
| Calendar Year 2015 | 0.0% | 0.0% |
| Calendar Year 2014 | 0.0% | 0.0% |
| Calendar Year 2013 | 0.0% | 0.0% |
| Calendar Year 2012 | 0.0% | 0.0% |
| Calendar Year 2011 | 1.0% | 0.08% |
| Calendar Year 2010 | 1.0% | 0.08% |
| 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% |
Journal Entries:
- Interest Rate Certification for Calendar Year 2021(PDF)
- Interest Rate Certification for Calendar Year 2020(PDF)
- Interest Rate Certification for Calendar Year 2019(PDF)
- Interest Rate Certification for Calendar Year 2018(PDF)
- Interest Rate Certification for Calendar Year 2017(PDF)
- Interest Rate Certification for Calendar Year 2016(PDF)
- Interest Rate Certification for Calendar Year 2015(PDF)
- Interest Rate Certification for Calendar Year 2014(PDF)
- Interest Rate Certification for Calendar Year 2013(PDF)
- Interest Rate Certification for Calendar Year 2012(PDF)
- Interest Rate Certification for Calendar Year 2011(PDF)
- Interest Rate Certification for Calendar Year 2010(PDF)
- 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)
| Interest Rate Formula |
| Tax due x interest rate x number of days late ÷ number of days in year = Interest |
| Example: 2012 IT-1040 filed June 21, 2014 with a tax due of $60.00 (return was |
| due April 15, 2013) |
| $60.00 x 3% x 260 days ÷ 365 = $1.28 (April 16 - December 31, 2013) |
| $60.00 x 3% x 172 days ÷ 365= $0.85 (January 1 - June 21, 2014) |
| Total Interest = $2.13 |
