Annual Interest Rate
The interest rate in effect for the 2019 tax year is 7% per annum (0.58% p/month).
The interest rate in effect for the 2018 tax year is 6% per annum (0.50% p/month).
The interest rate in effect for the 2017 tax year is 6% per annum (0.50% p/month).
The interest rate in effect for the 2016 tax year is 5% per annum (0.42% p/month).
Interest Rate for the Tax Years Beginning On or After January 01, 2016.
The interest rate to be applied to all unpaid income and withholding tax balances for tax years beginning on or after January 1, 2016 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". The rate listed 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 as stated in Chapter 880.10 of Northwood's municipal income tax ordinance which covers tax years prior to January 01, 2016.