(a) Interest. All taxes imposed by this chapter, including taxes withheld or required to be held from wages and other income by an employer, and remaining unpaid after they have become due, shall bear interest on the amount of the unpaid tax at a rate of ten percent (10%) per annum.
(b) Penalties.
(1) A penalty shall also be imposed for failure to file returns, declarations, and informational reports, or any filing as required by this chapter, in the amount of twenty-five dollars ($25.00), if not more than thirty (30) days late, and fifty dollars ($50.00) if late thirty (30) days or more. Notwithstanding the preceding sentence, a penalty of one hundred dollars ($100.00) shall be imposed for any taxpayer who fails to timely file twice in any three (3) year period.
(2) The taxpayer upon whom taxes are imposed by this chapter, and the employer or employers required by this chapter to deduct, withhold and pay taxes imposed by this chapter, shall be liable, in addition to interest, for a penalty equal to a rate of three percent (3%) of the unpaid tax for each month or fraction of a month for the first eighteen months of nonpayment, or twenty-five dollars ($25.00), whichever is greater.
(c) The Village Fiscal Officer may abate interest and penalties pursuant to standards and regulations adopted by Village Council.
(d) Upon recommendation of the Fiscal Officer, the Board of Review may abate additional interest or penalties, or both, and upon appeal from the refusal of the Fiscal Officer to so recommend, the Board of Review may nevertheless abate interest or penalty, or both.
(e) Filing shall be deemed to be timely filed if postmarked by the due date.
(f) A fee of twenty-five dollars ($25.00) will be charged for each check returned to the income tax department by a financial institution as unpaid.
(Ord. 01-03. Passed 1-6-03.)