shape
shape
shape
shape
shape
shape
31 December 2019 / Jeffrey J. Sobeck

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.  

Related News

Alerts / 10 August 2020

Washington County, PA Adopted Local Rule Amending Mortgage Foreclosure Division Program

On June 10th, 2020, effective on August 4th, 2020, Washington County in Pennsylvania will allow defendants to seek a 90-day stay in mortgage foreclosure actions.
Read More
News / 6 August 2020

Weltman Attorney Named Chair to Cleveland Metropolitan Bar Association's CMBA Bankruptcy Commercial Law Section

Weltman pleased to announce attorney Milos Gvozdenovic has been named chair of the Bankruptcy & Commercial Law Section of the Cleveland Metropolitan Bar Association (CMBA).
Read More
News / 31 July 2020

Weltman Milestone: 90 Years of Protecting Creditors' Rights

Weltman, Weinberg & Reis Co., LPA (Weltman), a full-service creditors' rights law firm, is celebrating a major milestone: its 90th year in business, as of August 1st.
Read More

Join Our Email List

Get the latest articles and news delivered to your email inbox!
Subscribe

Contact The Author

Jeffrey J. Sobeck

Attorney
Contact

Join Our Email List

Keep up-to-date with this topic and others by subscribing to our email list.

Subscribe