Lexington Tax Facts
***FILING AND PAYMENT DUE DATE: APRIL 15, 2024***
Tax Return filing due date: April 15th or the date set by the Internal Revenue Service
Fiscal year filing due date: 3.5 months after end of tax year
Tax Rate: 1.0%
Annual Interest Rate
By October 31 of each year, the interest rate that will apply to overdue municipal income taxes during the next calendar year will be posted herein, as required by the Ohio Revised Code Section 718.27(F).
The interest rate is calculated by adding five percentage points to the federal short-term rate (rounded to the nearest whole number percent) that was in effect during July of the current year, in accordance with the Ohio Revised Code Section 718.27(A)(5), and is applicable to tax years beginning on or after January 1, 2016.
Based on these requirements, the applicable interest rate is as follows:
|
Year |
Annual Rate |
Monthly Rate |
|
2024 |
10.0 % |
.83% |
|
2023 |
7.0% |
.583% |
|
2022 |
5.0% |
.42% |
|
2021 |
5.0% |
.42% |
|
2020 |
7.0% |
.583% |
|
2019 |
6.0% |
.583% |
|
2018 |
7.0% |
.50% |
Mandatory filing for:
- All residents of Lexington, age 18 and older.
- All individuals or companies operating a business within the Village of Lexington
- All individuals who own rental property in the Village of Lexington
- All non-residents who work in Lexington as: a Contractor, a Sub-contractor or Self-employed
NOTE: Partial year residents must file a Lexington Income Tax Return for the period of the tax year they were residents of the Village. Taxpayers moving into the Village should provide their in-date. Taxpayers moving out of the Village should provide their out-date and new address. Tax is imposed on wages/income earned during the Lexington residency period.