§ 10-5. Penalty and interest.

(a)

All license taxes levied herein shall be due and payable on January 1 of each year, and all unpaid license taxes shall become delinquent on March 1.

(b)

When any taxpayer fails to pay the tax, or any portion thereof, before March 1, interest at the rate of 1½ percent per month shall be added to the amount of tax due, and such interest shall be computed from the due date until the tax is paid.

(c)

In addition to the interest charged on delinquent taxes, there shall be imposed a penalty of five percent of the total tax due if the failure or delinquency is for not more than 30 days, with an additional five percent for each additional 30 days or fraction thereof during which the failure or delinquency continues, not to exceed 25 percent of the tax in the aggregate.

(d)

The interest and penalty due pursuant to this section shall be collected by the village in the same manner as the license tax.

(Code 2004, § 12.5)