Tax Administration Policy - Personal Income Tax Interest Rates on Tax Due and Refunds
Multnomah County’s (Multnomah) Preschool for All and Metro’s Supportive Housing Services personal income tax codes set an annual interest rate of 10% (or monthly interest rate of 0.833%) on tax due and on refunds. Their codes also allow the administrator to adopt the interest rate used by the Oregon Department of Revenue by written policy. The interest rate may only be changed once each calendar year.
The Oregon Department of Revenue (DOR) reviews and determines its interest rate once each year effective on January 1 of each year. The Revenue Division will review DOR’s interest rate each year when that determination is made. If the difference between the Revenue Division’s interest rate and DOR’s interest rate for a year is more than or less than DOR’s interest rate by more than one percentage point, the Revenue Division will match DOR’s interest rate and be effective on April 15 of that same year.
The interest rate applicable for each calendar year is as follows:
|Period||Monthly Interest Rate||Annual Interest Rate|
|1/1/2021 - 4/17/2023||0.833||10.0|
|4/18/2023 - Current||0.5||6.0|
04/06/2023 ______Thomas Lannom_____
Date Revenue Division Director