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Tax Summary
- Ohio has nine different tax brackets ranging from 0.743% to 7.5% depending upon how much you earn.
- There are also additional municipal income taxes in some areas.
- Personal exemption for a single individual is $1,200. Exemption for a married couple is $2,400. Dependents earn an exemption of $1,200 each.
- Sales tax in Ohio is 6%, with some local jurisdictions levying additional sales taxes as well.
- Tangible personal property used in business is taxed, including machinery, equipment, furniture, tools, and inventory.
- Real property is also taxed, with the tax rates varying from county to county and including taxes for county, township, municipality and school district.
- There is a homestead exemption available on a portion of property taxes for elderly and disabled homeowners who qualify.
- Taxable intangible property includes investments, credits, capital and shares in stock.
- Ohio's estate tax varies ranges from 2% to 7% on a portion of taxable value over $500,000. There is a tax credit for all estates. Check with the state for the current amount.
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