Changes mandated by Ohio Revised Code Chapter 718 (House Bill 5 – Municipal Income Tax Uniformity)

Any taxpayer, business or individual, is required to file an “Estimated Tax Voucher” if the amount owed to the Village (over the withholding amounts) is $200.00 or more in a calendar year.

To clarify: If your Village of Pandora tax is not fully withheld by your employer, you MUST make estimated tax payments using the following schedule to avoid an underpayment of estimated tax penalty if the estimated tax is $200.00 or greater for the year.

Filings are due the 15 th of the month as follows:

● 22.5% by April 15 th
● 45% by June 15 th
● 67.5% by September 15 th
● 90% by December 15 th for businesses, January 15 th for individuals (effective 2018)

PENALTY AND INTEREST
Failure to have 90% of your Village of Pandora tax liability paid via withholding credits and/or estimated payments will result in a penalty of 15% of the amount not timely paid and shall bear interest at the rate in effect for the tax year. This penalty and interest applies to each quarter that was not timely paid. You may also avoid this penalty by having 100% of your previous year’s Village of Pandora tax liability paid via withholding credits and/or estimated payments by the April 15 th due date or State of Ohio revised due date.

Interest for tax year 2016 and beyond is changing to an annualized rate based on the Federal Reserve short-term rate for July of the current year, rounded to the nearest whole number, plus five percent. This rate will be posted on our website by October 31 st of each year.

Filing and receiving an extension for filing a current year Village of Pandora income tax return does not waive payment of estimated tax.