Annual Interest Rate
2016 Interest Rate is 5% per annum
The interest rate to be applied to all unpaid income and withholding tax balances for tax years beginning on or after January 1, 2017 is 6% per annum. This rate is being published in accordance with Ohio Revised Code 718.27(F) which states that “By the thirty-first day of October of each year the municipal corporation shall publish the rate described in division (A) of this section applicable to the next succeeding calendar year”. This rate is in effect from January 1, 2017 through December 31, 2017 and does not apply to tax balances for any prior tax years, regardless of when they are filed, which are still subject to the interest rate of 1% per month as stated in 44.10(A) of the City of Northwood Income Tax Code covering tax years beginning prior to January 1, 2016.