§ 1-602. Penalty and interest
(a) Any installment not paid by the due dates established in section 601 of this charter shall be delinquent and there shall immediately be added to the amount due a penalty charge for late payment equivalent to three percent of the delinquent installment. After the expiration of 30 days from the due date of each installment, an additional penalty charge of five percent shall be added to the amount due.
(b) Interest. An additional interest charge in the amount of one percent of the unpaid tax per month or fraction thereof shall be added to any tax not paid on or before the dates specified in section 601 of this charter.
(c) All charges, fees, interest, and other added amounts shall be cumulative and shall accrue at the times and in the manner specified in this charter. (Amended 2009, No. M-20, § 4.)
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