Intangible Property Tax
Intangible Property Tax
Taxes Assessed on Dealers in Intangibles, by County, Calendar
Year 2004
The total amount of intangible property tax assessed on
shares or capital employed by dealers in intangibles in 2004
was $39,985,170.
Intangible property includes investments, credits, money,
shares and capital. Dealers in intangibles that are taxed
have an office in Ohio that: lends money; discounts, buys or
sells bills of exchange, drafts, acceptances, notes and
mortgages; and buys or sells bonds, stocks or other
investment securities.
The tax rate on fair value of shares or capital employed is
eight mills. The tax base is basically capital, surplus, and
undivided profits. Charities, insurance companies and
financial institutions are exempt. However, dealers owned by
insurance companies or financial institutions are subject to
the tax (these entities are deemed "qualifying dealers").
Tax returns are filed with the tax commissioner. The
commissioner determines taxable values while the state
treasurer collects the taxes. Three mills of receipts go to
the General Revenue Fund, and five mills of receipts are
distributed to the county undivided local government fund of
the county where the firm's capital is used. The budget
commission in each county distributes to the local
subdivisions revenues from the local government fund.
The entire receipts from the eight mill tax on qualifying
dealers go to the General Revenue Fund.
Figures shown are compiled from records of the Ohio
Department of Taxation.