Ohio

Sales Tax

  • Statewide: 5.75%
  • Counties can levy an additional sales tax of no more than 2.5%.
  • Current average sales tax (with local taxes included): 7.3%
  • Common Exceptions at State Level:
    • Prescription Medicine: Exempt
    • Unprepared Foods: Exempt
  • Gasoline Tax: 56.90 cents/gallon (Includes all state, local, and federal taxes)
  • Diesel Fuel Tax: 71.40 cents/gallon (Includes all state, local, and federal taxes) 

Personal Income Tax

  • Personal Income Tax Rate Range: 0% on income less than $26,050; 2.75% on income between $26,051 and $100,000; 3.5% on income over $100,000
  • Standard deduction: None
  • Personal Exemption Allowance: Income $40,000 or less: $2,400; $40,001-$80,000: $2,150; Over $80,000: $1,900
  • Dependent Exemption: $2,400
  • Itemized Deductions Allowed?: Yes, subject to limitations
  • Retirement Income
    • Social Security: Exempt  
    • IRAs: Taxable at ordinary income tax rates to extent included in federal Adjusted Gross Income*
    • 401Ks/Defined contribution employer retirement plans: Taxable at ordinary income tax rates to extent included in federal AGI*
    • Private pensions: Taxable at ordinary income tax rates to extent included in federal AGI*
    • Public Pensions: Taxable at ordinary income tax rates to extent included in federal AGI*
  • Military Pay
    • Active Duty Pay: Taxable to the extent included in federal AGI
    • Military Retirement Pay: Exempt
    • Military Disability Pay: Exempt
    • VA Disability Dependency & Indemnity Compensation Benefits: Exempt
    • SBP/SSBP/RCSBP/RSFPP: Exempt

*Retirement income of less than $100,000 may be eligible for tax credit of up to $200.

Income Tax Comments: The state allows municipalities to levy an income tax, but approval must be obtained by voters. 
 

Property Tax

  • Local municipalities average 1.36% of the property's assessed value.
  • Calculation of assessed value: 35% of fair market value; reappraised every three years
  • Relief programs for:
    • Owner-Occupied: 2.5% tax reduction.
    • Limited Income and 65 and Over or Disabled: First $28,000 of appraised value exempt if meet income requirements.
    • Disabled Veterans/Surviving Spouses/Surviving Spouses of Public Service Officers: Up to $52,300 of appraised value exempt if 100% disabled. No income requirements.
  • Personal Property Tax: None.

Inheritance & Estate Taxes: None

Department of Revenue Website: https://tax.ohio.gov

More Financial Guidance From MOAA 

Premium and Life members can consult our financial staff for education and consumer advice.

 

Looking to get more out of your membership? MOAA has nearly 400 chapters around the country, along with several virtual chapters. Get involved by finding one and joining today! 


Financial Resources Join a Chapter

Search