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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 annual interest rate that will apply to most overdue taxes during 2014 will be 12 percent.
You may view the Ohio Revised Code guidelines for charging interest by clicking http://codes.ohio.gov/orc/323.121
section ( B ), paragraph ( 2 ), lines (a) and (b).
A table of interest rates that apply to previous years may be found on the Ohio Department of Taxation