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 frame otherwise indicated. The village hereby provides for the amount of interest to be assessed on a late payment, underpayment, or nonpayment of the tax, to be 5% per annum, based on a year of 365 days and the number of days elapsed.
(Ord. 01-01, passed 1-15-2001)