There shall be one estimated tax payment paid by each person during each calendar year on April 15 of such year, beginning with April 15, 1987. On such date the taxpayer is also required to file a return as set forth in this chapter. At the time of the April 15 return and payment in the following year, the estimated tax for the prior year shall be corrected, and this shall continue thereafter from year to year in the same fashion with the estimated tax being paid on April 15 of such year, with the correction for the prior year being made at the same time as such estimated payment for the current year on April 15. If the tax is not paid by such date, a penalty of 10% of the tax due shall be paid thereto, plus interest of 1.25% of the tax due for each month or fraction thereof from the day such taxes are due and payable until paid.
(Ord. 602, passed 4-16-1986)