§ 6-479. Interest and penalties.

In the event a determination has been made that a locally imposed and administered tax is due and owing, through audit, assessment or other bill sent, the tax must be paid within the time frame otherwise indicated.

(1)

Interest. The village hereby provides for the amount of interest to be assessed on a late payment, underpayment, or nonpayment of a locally imposed and administered tax, to be one percent per month, based on calendar months and the number of months elapsed.

(2)

Late payment penalties. If a locally imposed and administered tax that is due and owning is not paid within the time required for payment, in addition to any interest on such outstanding debt to the village that may be applicable, the person or entity responsible for payment of such tax shall also be obligated to pay a late payment penalty of five percent of the tax due and owning. The local tax administrator may, in the exercise of reasonable discretion, abate such penalty where good cause is shown for delay or failure to make a payment.

(Code 1993, § 6-11.11; Ord. No. 2001-O-24, 4-10-2001)