A. The tax imposed under this chapter is due and payable at the time the deed, instrument or writing effecting a transfer subject to the tax is delivered, and is delinquent if unpaid forty-five (45) days after the recordation thereof. In the event that the tax is not paid prior to becoming delinquent, a delinquency penalty of ten (10) percent of the amount of tax due shall accrue. In the event a portion of the tax is unpaid prior to becoming delinquent, the penalty shall only accrue as to the portion remaining unpaid. An additional penalty of ten (10) percent shall accrue if the tax remains unpaid on the ninetieth day following the date of recordation. Interest shall accrue at the rate of one-half of one percent a month, or fraction thereof, on the amount of tax, exclusive of penalties, from the date the tax becomes delinquent to the date of payment. Interest and penalty accrued shall become part of the tax.
B. Notwithstanding anything to the contrary in subsection A of this section, the director shall have the authority to waive the penalty and interest provisions in subsection A of this section where he or she determines that the administrative costs involved in collecting said penalties and interest exceeds the amount of penalties and interest which can reasonably be expected to be collected. Nothing contained in this subsection shall authorize the director to waive any penalty in excess of five hundred dollars ($500.00) or interest in excess of five hundred dollars ($500.00) on any single transfer. (Prior code § 41.09.133)