§ 313-31. Interest.

Latest version.

(a)

Any unpaid balance due, including all tax, penalties, and accumulated interest, shall accrue interest on a daily basis until paid in full.

(b)

The annual rate of interest shall be five percent.

(c)

Interest shall be assessed daily by multiplying the unpaid balance due by the daily interest rate. Interest shall be compounded daily by adding the daily interest calculated to the unpaid balance due as accumulated interest.

(d)

Interest assessed pursuant to this section is in addition to any other penalty amount imposed under this chapter.

(Ordained by Emer. Ord. No. 167-2018, § 1, eff. July 1, 2018)

                    
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