(a) Pursuant to the authority of Sec. 74.80(2), Wis. Stats., the Village of Edgar hereby imposes a penalty of one percent (1%) per month or fraction of a month, in addition to the interest prescribed by Sec. 74.80(1), Wis. Stats., on all overdue or delinquent personal property taxes retained for collection by the Village or eventually charged back to the Village by the County for purposes of collection under Sec. 74.31, Wis. Stats.
(b) This penalty of one percent (1%) per month or fraction of a month shall apply to any personal property taxes which are overdue or delinquent.