(A) The use tax imposed by this subchapter shall be collected in full prior to issuance of a building permit and shall be based on the estimated cost of construction and building materials, calculated by multiplying the use tax of 2% by 50% of the total valuation of the construction project as entered on the building permit by the town.
(B) (1) Within 60 days from the issuance of a certificate of occupancy for the improvement on which the use tax was paid, the town may audit the taxpayer or the taxpayer may request an audit to re-compute the use tax by comparing the estimated cost of construction and building materials.
(2) If the re-computed use tax is less than the amount of use tax paid by the taxpayer, the difference shall be refunded to the taxpayer. If the re-computed use tax is more than the amount of use tax paid by the taxpayer, the difference shall be paid by the taxpayer to the town.
(Ord. 10-2017, passed 7-26-2017) Penalty, see § 33.99