In addition to interest as provided in Section 880.23, penalties based on the unpaid tax or installments of estimated tax are hereby imposed as follows:
(a) For failure to pay taxes or estimated taxes due, other than taxes withheld: ten percent per year, but not less than twenty-five dollars ($25.00).
(b) For failure to remit taxes withheld from employees: ten percent per month or fraction thereof, but the accumulated penalty shall not exceed fifty percent upon any unpaid amount and shall not be less than twenty-five dollars ($25.00).
(c) No penalty shall be assessed on estimated payments if the taxpayer has remitted an amount equal to one hundred percent (100%) of the previous year's tax liability, provided that the previous year reflected a 12-month period, or if ninety percent (90%) of the actual liability has been received.
(Ord. 2005-101. Passed 5-16-05.)