Welcome to State Taxes Guide
Real State Taxes Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
An Overview of Ohio State Taxes
from:The state of Ohio, otherwise known as the Buckeye’s State, has continued to phase down its state income taxes rates in 2006. The top rate is now 6.87 percent, down from 7.185 percent in 2005. The across-the-board rate cuts are scheduled to continue until 2009. Here are more details about Ohio State taxes:
1) Personal Income Tax
Ohio collects income taxes from its residents at the following rates:
- 0.681% on the first $5,000 of taxable income
- 1.361% on taxable income between $5,001 and $10,000
- 2.722% on taxable income between $10,001 and $15,000
- 3.403% on taxable income between $15,001 and $20,000
- 4.083% on taxable income between $20,001 and $40,000
- 4.764% on taxable income between $40,001 and $80,000
- 5.444% on taxable income between $80,001 and $100,000
- 6.32% on taxable income between $100,001 and $200,000
- 6.87% on taxable income of $200,001 and above.
Returns of Ohio State taxes are due on April 15, or the next business day if that date falls on a weekend or holiday. Several cities also levy municipal income taxes. Ohio State taxes the income of school districts that is separated from federal, state and municipal income taxes. School district income taxes are collected through employers’ withholding, individual quarterly estimated payments and annual returns. The money is earmarked specifically to support school districts. If you live in a school district that collects an income tax at any time during the tax year, you must file an Ohio Form SD 100.
2) Sales Tax
On July 1, the state sales tax rate was cut from 6 percent to 5.5 percent. Regional transit authorities may also levy sales tax in multiples of 0.25 percent up to a maximum additional tax of 1.5 percent. The total combined rate for state, county and transit authority may not exceed 8.5 percent.
3) Personal and Real Property Taxes
Tangible personal properties used in business are taxed. However, this tax is being phased out and it is scheduled for elimination in 2009. The state's Property Tax Administration Fund was created to cover the costs incurred by the Department of Taxation in administering local property tax programs. The 10 percent property tax rollback on most commercial and industrial real properties was eliminated in 2005. However, the rollback remains for residential and agricultural real properties.
4) Inheritance and Estate Taxes
Ohio has no inheritance tax because the federal tax law totally revoked the federal credit allowed for state death taxes for dates of death occurring on or after January 1, 2005.
Other facts about Ohio State Taxes
The Ohio Department of Taxation offers numerous online options to its residents, including online filing of Ohio State taxes for personal income as well as school district income tax returns. Taxpayers can go online to check the status of their refunds.
Real State Taxes Specific Links
Watch Luxe TV Now!
- Anything and everything a girl could want to make her life better! All Free!
-- http://www.mevio.com/
Watch Funny Videos!
- Click here to see funny videos, pictures, jokes, commercials, and more funny stuff from Comedy.com.
-- http://www.comedy.com/
TidalTV
- Today's Hit Shows. Classic TV. Plus the Best Shows You've Never Seen. Watch it all Now for Free on TidalTV.
-- http://www.tidaltv.com/
Luxury Reviews and Trends
- Discover incredible luxury travel, shopping, articles, videos and more...
-- http://www.justluxe.com/
Real State Taxes News
Will anyone cut your taxes? - CNN Money
An entrepreneur says he has found a new source of cheap energy. Trouble is, it violates the laws of physics. Rocket Town, U.S.A. Forget NASA. The real future of America's space program may well lie in a thriving desert town of entrepreneurs who aim ...
Read more...Rep. Rangel Says He Will Pay Back Taxes - Washington Post
As House GOP leaders called for his removal from the powerful chairmanship of the House Ways and Means Committee , Rep. Charles B. Rangel (D-N.Y.) announced yesterday that he will repay an unspecified amount in back federal, state and local taxes on ...
Read more...Were real estate deals shrewd or evasive? - St. Petersburg Times
Before being elected to the U.S. House of Representatives in 2006, Vern Buchanan saved an estimated $260,000 in taxes on a penthouse condo at the Ritz-Carlton, above, in Sarasota. Shortly after winning the 2006 election, Buchanan bought this medical ...
Read more...Must pay taxes on appreciated value of house - AZCentral.com
Question: My mother, several years back, began quitclaiming her house to her four children. She did this in several chunks, to avoid any gift-tax problems, I imagine. We wish to sell the house. Will we have to pay taxes on the appreciated value ...
Read more...German State-Owned Banks on Verge of Collapse - Der Spiegel
The German government has had to bail out state-owned banks with taxpayers' money after their managements recklessly gambled away billions on subprime investments. But if a state-owned bank were to go under, the consequences could be disastrous for ...
Read more...