Ohio

Sales Tax

  • Statewide: 5.75%
  • Counties can levy an additional sales tax of no more than 2.25%.
  • Current average sales tax (with local taxes included): 7.153%
  • Common Exceptions at State Level:
    • Prescription Medicine: Exempt
    • Unprepared Foods: Exempt
  • Gasoline Tax: 56.91 cents/gallon (Includes all state, local, and federal taxes)
  • Diesel Fuel Tax: 71.41 cents/gallon (Includes all state, local, and federal taxes)
  • Cigarette Tax: $1.60/pack of 20

 

Personal Income Tax

  • Personal Income Tax Rate Range: Six brackets from 0% to 4.797% (highest rate on income more than $221,300)
  • Standard deduction: None
  • Personal Exemption Allowance: Income $80,000 or less: $2,400. Over $80,000: $1,900
  • Dependent Exemption: Same as personal
  • Itemized Deductions Allowed?: Yes, subject to limitations
  • Retirement Income
    • Social Security: Exempt to the extent included in federal Adjusted Gross Income
    • IRAs: Taxable at ordinary income tax rates to extent included in federal AGI*
    • 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 to the extent included in federal AGI
Income tax comments: The state allows municipalities to levy an income tax, but approval must be obtained by voters. *Retirement income of less than $100,000 is eligible for tax credit of up to $200.

 

Property Tax

  • Local municipalities average 1.56% of the property's assessed value.
  • Calculation of assessed value: 100% of fair market value; reappraised annually
  • Relief programs for:
    • Low Income & 65 and over or Disabled: First $25,000 of appraised value exempt for those making less than $34,200.
    • Disabled Veterans/Surviving Spouse: Up to $50,000 of appraised value exempt if 100% disabled. No income requirements.
  • Personal Property Tax: None.

 

Inheritance & Estate Taxes: None

 

Department of Revenue website: www.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 more than 400 chapters around the country. Get involved in your community by finding the one closest to you and joining today! 


Financial Resources Join a Chapter

Search