Intangible Property Tax
Intangible Property Tax
Taxes Assessed on Dealers in Intangibles, by County, Fiscal
Year 2006
The total amount of intangible property tax assessed on
shares or capital employed by dealers in intangibles in 2006
was $30,477,868. The total local share of taxes assessed was
$12,094,989 with the remaining $18,382,879 representing the
amount of dealers in intangibles tax assessments designated
for the State General Revenue Fund.
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 for dealers in intangibles is
either:
1. Shares of stock of incorporated dealers in intangibles and
unincorporated dealers in intangibles with capital stock
divided into shares; or
2. Capital employed in Ohio by an unincorporated dealer in
intangibles with capital stock not divided into shares.
For dealers in intangibles with offices in more than one
state, the tax base is allocated to Ohio based on gross
receipts from offices in Ohio as compared to gross receipts
from all offices. 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"). Receipts from the eight mill
tax on "qualifying dealers" go to the General Revenue Fund.
The assessment value on those taxes from qualifying dealers
amounted to $11,125,886.
Tax returns are filed with the Ohio Tax Commissioner who
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.
Figures shown are compiled from records of the Ohio
Department of Taxation.