Intangible Property Tax
Intangible Property Tax:
Taxes Assessed on Dealers in Intangibles, by County, Calendar
The total amount of intangible property tax assessed on
shares or capital employed by dealers in intangibles in 2008
was $33.7 million. The total local share of taxes
assessed was $11.6 million with the remaining $22.1 million
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
The tax rate on fair value of shares or capital employed is
eight mills. The tax base for dealers in intangibles is
- Shares of stock of incorporated dealers in intangibles
and unincorporated dealers in intangibles with capital stock
divided into shares; or
- 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 assessed value on those taxes from
qualifying dealers amounted to $15.1 million.
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.