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Ohio Offering COVID-19 Real Estate Tax Relief
June 22, 2020

Ohio Offering COVID-19 Real Estate Tax Relief

by The CE Shop Team

Ohio Has Extended the Payment of State Income

We all know the impacts COVID-19 has made in our lives and our economy, halting most businesses or delaying operations. Currently, 16 states are providing their residents with relief policies, with more states planning their own payment plan relief policies for the upcoming quarter.

Ohio Tax Relief Extension for COVID-19

If you’re a resident of the great state of Ohio, you have the opportunity to take advantage of this relief policy. Governor Mike DeWine signed the Amended Substitute House Bill 197, extending the deadline until July 15th to file and pay the state income tax without interest or penalty. The extension is available to anyone with returns, payments, and estimated payments that are due between April 15, 2020 and June 15, 2020. Those filing for relief can do so for the following tax types:

  • Ohio individual income tax
  • School district income tax
  • Pass-through entity and fiduciary income tax
  • Municipal net profit taxpayers

Returns, payments, and estimated payments with due dates from April 15, 2020 through June 15, 2020 - including fiscal year filers - are extended without interest or penalty to July 15, 2020. For full details on the tax alert, read more here.

Other States with Tax Relief

These 16 states offer relief policies to their residents. Be warned that even with statewide COVID-19 relief policies, some states have left it up to individual counties and areas to administer their own policies. It is very possible your county or local area has policies that differ from the state.

  • Alaska: The deadline for the first filing of the year has been pushed back a month until July 15th.
  • California: This varies by county; many counties will allow residents the ability to waive the penalty due to COVID-related late payments.
  • Connecticut: This varies by locality; several relief policies included deadline extensions and lower interest rates on delinquent balances.
  • Florida: With earlier state tax due dates than the rest of the country, Florida provided a two-week extension until April 15th. Since the financial impact of COVID-19 will extend into next year, it is worth keeping an eye on to see if they provide relief for next year’s tax payments.
  • Illinois: Illinois varies by county; several of them have provided extensions.
  • Indiana: There provided a 60-day waiver on penalties for the first deadline; the second deadline on November 10th may have this option as well.
  • Iowa: Penalties were waived for the first filing deadline; the second filing deadline on September 1st may have penalties waived as well.
  • Minnesota: Minnesota law set the payment date, but will vary by county.
  • Mississippi: Penalties and interest have been waived for outstanding balances and new assessments.
  • New Jersey: An extension was already granted for the May 1 filing date and additional extensions may be added. Localities have the option to provide extensions or other relief.
  • Ohio: A number of counties have granted extensions; check with your local office for more details.
  • Pennsylvania: Residents have until the end of the year to pay without penalty.
  • South Carolina: This state may have options available by different locality if you qualify.
  • Washington: This state also varies by county; a number of them have multiple month extensions for filing.
  • West Virginia: Fees and penalties were waived until May 1, 2020 for the first filing deadline; a second moratorium may announce a second filing deadline for September 1st.
  • Wisconsin: There is a moratorium on collecting penalties until October 1st.

As a real estate agent, you have the responsibility to know about these new extensions. This knowledge will help your clients and you business while you establish yourself as a thought-leader in the Ohio real estate industry. By being a helpful resource to your clients, you’ll be able to support their needs through these uncertain times.

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