In the event of failure by any person to pay to the Village the tax required hereunder when the same shall be due, interest shall accumulate and be due upon said tax at the rate of one percent (1%) per month commencing as of the first day following the day when the deed was recorded or the assignment of beneficial interest was accepted by the trustee. In addition, a penalty of fifty percent (50%) of the tax and interest shall be assessed and collected against any person who fails to pay the tax imposed by this Chapter. (Ord. 94-24, 3-15-94)