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Summit County Fiscal Office

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Home Real Estate Discount R.E.D. Information Request
R.E.D. Information Request

EXAMPLE OF CREDIT CALCULATION

    MONTHLY PAYMENTS
  • Semi-annual taxes $1300 divided by 6
  • Payment of $216.67 made 1st day of each month
  • County's 1.07% interest rate for investment period
Date Payment Days Invested Earnings
Feb.1 $216.67 150 $.96
Mar. 1 $216.67 122 $.78
Apr. 1 $216.67 91 $.58
May 1 $216.67 61 $.39
June 1 $216.67 30 $.19
TOTAL EARNINGS (half year) $2.90
    Full Allowable Payment
  • Semi-annual taxes $1300.00 divided by 6
  • Payment of $1083.35 made on Feb. 1
  • County's 1.07% interest rate for investment period
Date Payment Days Invested Earnings
Feb.1 $1083.35 150 $4.82
TOTAL EARNINGS (half year) $4.82

It is easy to see that the larger the initial payment, the greater the discount credit. This is true throughout the payment period. If the taxpayer makes larger payments in the early months, the discount credit is increased. Using the above data, if the taxpayer increases payment to $433.34 in February and March, makes the $216.67 payment in April and pays nothing in May and June, the total discount earnings would increase to $3.87. You decide the payment amount and time of payment. Easy and manageable.

(Above calculations are approximate earnings for program participation.)

Real Estate Discount:
330-643-2603

Office Location:
Ohio Building
175 South Main Street 3rd Floor
Akron, Ohio 44308

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