Property Tax Alert: Ohio

October 2005

Effective July 1, 2005, pursuant to recent legislation, the rate of interest on underpayments of Ohio personal property now accrues at the federal short-term interest rate, without the 3% addition generally required for other Ohio taxes. Accordingly, any portion of the personal property tax that is subject to interest from July 1, 2005, to December 31, 2005, accrues interest based on a calendar year rate of 2%. The calendar year 2006 interest rate will be announced on October 17.

Please contact Rash & Associates for more information.