All taxes imposed by this chapter and remaining unpaid after they become due shall bear interest, in addition to the amount of unpaid tax, at the rate of twelve percent (12%) per year, and the taxpayers upon whom such taxes are imposed by this chapter shall be liable, in addition thereto, to a penalty of ten percent (10%) of the amount of unpaid tax.
Any taxpayer or employer shall have twenty (20) days after assessment of a proposed penalty and/or interest charge to file a written protest with the Finance Director or his delegate showing cause why such penalty and/or interest should not be imposed.
A penalty shall not be assessed on an additional tax assessment made by the Finance Director or his delegate when a return has been filed in good faith and the tax paid thereon within the time prescribed by the Finance Director; further, in the absence of fraud, neither penalty nor interest shall be assessed on any additional tax assessment resulting from a Federal audit, provided an amended return is filed and the additional tax is paid within three months after final determination of the Federal tax liability.
(Ord. 01-71. Passed 11-27-01.)