In the event a determination has been made that a tax is due and owing, through audit, assessment or other bill sent, the tax must be paid within the time otherwise indicated.
A. Interest: The village hereby provides for the amount of interest to be assessed on a late payment, underpayment or nonpayment of the tax, to be nine percent (9%) per annum, based on a year of three hundred sixty five (365) days and the number of days elapsed.
B. Late Filing And Payment Penalties: If a tax return is not filed within the time and manner provided by the controlling tax ordinance, a late filing penalty of five percent (5%) of the amount of tax required to be shown as due on a return shall be imposed, and a late payment penalty of five percent (5%) of the tax due shall be imposed. If no return is filed within the time or manner provided by the controlling tax ordinance and prior to the village issuing a notice of tax delinquency or notice of tax liability, then a failure to file penalty shall be assessed equal to twenty five percent (25%) of the total tax due for the applicable reporting period for which the return was required to be filed. A late filing or payment penalty shall not apply if a failure to file penalty is imposed by the controlling ordinance.
C. Abatement: The local tax administrator shall have the authority to waive or abate any late filing penalty, late payment penalty or failure to file penalty if the local tax administrator shall determine reasonable cause exists for delay or failure to make a filing. (Ord. 01-02-11, 2-5-2001)