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 15^th 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.