§ 12.10.080. Payment of tax; penalties and interest.

Payment of personal property and business personal property and inventory tax shall be made and penalty and interest calculated and applied as provided in section 12.15.060, except where personal property tax is owing on property listed in an involuntary return or a return filed late. In either case, return payment shall be made as follows:

1.

Late filing.

a.

Initial penalty. A penalty of ten percent on the tax amount which was due shall be paid if the personal property tax return was filed late and if the bill which is sent on that return is paid within 30 days of the date of billing. A return for the purposes of this chapter shall be considered late if no return has been received before seven calendar days have elapsed from the date upon which the return is due. At the expiration of the seven-calendar-day grace period the return will be considered untimely and the penalty will be added.

b.

Additional penalty. If the tax bill which is sent on a return that was filed late is not paid within 30 days from the date of billing then an additional ten percent penalty shall be applied. This shall mean that a total penalty of 20 percent on the original tax amount shall be applied.

c.

Interest. In addition to the penalty, interest calculated in accordance with section 12.15.060 shall be applied only after the 30 days from the date of the billing on a late filing have elapsed. When interest is to be applied it shall be computed on a monthly basis for the period beginning from the date the tax was due on the original assessment roll to the date of payment and shall also include interest on the portion of the month in which the tax payment was due on the original assessment roll.

2.

Involuntary filing. Payment of taxes on an involuntary filing shall be made in the same manner and with the same penalties and interest as provided for late filing in subsection 1 of this section.

(AO No. 85-182, 1-1-86; AO No. 88-158, 5-1-89; AO No. 92-36)