31 December 2019
Ohio Statutory Interest Rate for Judgments Will Remain at 5% for 2020
Ohio Statutory Interest Rate for Judgments Will Remain at 5% for 2020
The Ohio Tax Commissioner is required, pursuant to Ohio Revised Code §5703.47, to determine the interest rate for certain taxes and other purposes on October 15th of each year. The rate is computed by taking the federal short term interest rate as defined by 26 U.S.C. §1274, rounding it to the nearest whole number and adding 3%. Pursuant to Ohio Revised Code §1343.03(A) this rate applies to all judgments granted by Ohio courts - unless said judgment arises from a written contract between the parties that provides for a different rate of interest.
The tax commissioner has determined that this rate is 5% for the year 2020, the same rate that was in effect for 2019. Therefore, all judgments granted in Ohio in 2020 will bear interest at the rate of 5% per annum until satisfied, except where there is a written contract providing for a different rate of interest. Pursuant to Ohio Revised Code §1343.03(B) the rate stated in the judgment entry remains in effect until the judgment is satisfied.
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