Strong Business Climate
Low Local Taxes
Summit County's tax structure and affordable cost of doing business are key to our success. As the 4th largest County in Ohio, we enjoy the lowest County sales tax in the State and have the lowest property tax among Ohio's large urban counties. We are able to keep our sales and property taxes low because we spend at least 33% less general fund dollars than all other large urban counties in Ohio.
Excellent State Business Tax Environment
In addition to our favorable local tax climate, Summit County also benefits from Ohio's favorable business tax structure.
Businesses in Ohio benefit from:
-
No corporate income or profits tax
-
No tangible personal property or inventory tax
-
No tax on products sold outside of Ohio
-
No tax on machinery and equipment investments
-
No tax on research and development investments
-
Only one state business tax--the Commercial Activity Tax (.26%)
Favorable Cost of Doing Business
Our favorable tax climate is not the only positive financial reason to do business in Summit County. The cost of doing business here is 10% below the average U.S. cost of doing business. Additionally, the cost of leasing industrial space is 33% below the U.S. average, and the cost to construct new facilities is 2% less than other U.S. markets. Utilities in Summit County are also among the lowest in the U.S., with natural gas ranking the 6th most affordable among large U.S. urban areas.
