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 specified.
A. Interest: The village hereby provides for the amount of interest to be assessed on a late payment, underpayment, or nonpayment of the tax, to be six percent (6%) based on a year of three hundred sixty five (365) days and the number of days elapsed.
B. Late Filing And Payment Penalties: If a tax return is not filed within the time and manner provided by the controlling tax ordinance, a late filing penalty of five percent (5%) of the amount of tax required to be shown as due on a return shall be imposed and a late payment penalty of five percent (5%) of the tax due shall be imposed. If no return is filed within the time or manner provided by the controlling tax ordinance and prior to the village issuing a notice of tax delinquency or notice of tax liability, then a failure to file penalty shall be assessed equal to twenty five percent (25%) of the total tax due for the applicable reporting period for which the return was required to be filed. A late filing or payment penalty shall not apply if a failure to file penalty is imposed by the controlling ordinance. (Ord. G-668, 1-9-2001)