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Taxation
Taxable value of real property is 35% of market value. Taxable value of personal property is 25% of market value. Tax liability is computed by multiplying the local rate for each $1,000 of the taxable value. Rates vary depending on the taxing jurisdiction (county, township, municipality, incorporation, school district). Rate ranges are:
 |
| Total rate ranges |
40.39 |
52.76 |
| commercial/industrial |
39.11 |
44.72 |
| residential/agricultural |
36.16 |
41.58 |
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|
Total rate ranges |
41.89 |
62.36 |
| commercial/industrial |
39.67 |
52.03 |
| residential/agricultural |
37.86 |
50.14 |
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| Income tax (City of Lima) |
1.5% |
| Sales Tax |
7% (state 6% / local 1%) |
| Corporate Franchise tax |
1.5% (City of Lima
Corporate Net Profit Rate) |
State of Ohio Corporate Franchise
Corporations operating in Ohio must pay the corporation franchise tax annually. These taxes are paid by corporations organized under Ohio law and corporations organized under the laws of other states which do business in Ohio. Exempt corporations include insurance companies, public utilities (excluding long distance phone companies), credit union, "S" corporations, limited liability corporations and most non-profit corporations.
- Ohio Corporation Franchise Tax forms and instructions are available on state’s website.
- Interest is computed on the net tax due for each calendar year as follows:
# of days
365 |
X |
interest rate |
X |
tax amount due |
= |
interest due for a calendar year
|
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| Calendar Year |
2000 |
8% |
| Calendar Year |
2001 |
9% |
| Calendar Year |
2002 |
7% |
| Calendar Year |
2003 |
6% |
The general franchise tax liability is the greater of: (regardless of liability derived from the two alternative tax bases, the minimum corporation franchise tax is $50.00)
- 4.0 mills (0.4 percent) of taxable value, with a maximum liability of $150,000
- 5.1 percent on first $50,000 of taxable income, plus 8.5 percent of taxable income exceeding $50,000
Allen County Taxes
For more information on Allen County Taxes (Personal, Business, Property etc. and how to calculate) click here.
For more information on Allen County Taxes (personal, business, property etc)
How to calculate your taxes
http://www.allencountyohio.com/tre/index.php more information link
http://www.allencountyohio.com/auditor/propertyTaxCalculator.php Calculator link
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