On October 15th
of each year, the Ohio Tax Commissioner is required, pursuant to Ohio Revised Code §5703.47
, to determine the interest rate
for certain taxes and other purposes. 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 3% for the year 2022, the same rate that was in effect for 2021. All judgments granted in Ohio in 2022 will bear interest at the rate of 3% per annum, 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.
If you have questions about this topic, please connect with Robert Castricone
at any time.
This blog is not a solicitation for business and it is not intended to constitute legal advice on specific matters, create an attorney-client relationship or be legally binding in any way.