Is penalty and interest imposed for not timely filing and paying any tax due?
Yes. Penalty and interest is due if the tax paid after the 20th day of the month in which the tax is due. The Failure to Timely File Penalty is 10% of the tax required to be paid or $50, whichever is greater. The Failure to Timely Pay Penalty is 10% of the tax required to be paid. A Negligence Penalty of 5% may be assessed if a taxpayer disregards the city’s laws or rules. Interest is assessed at the statutory rate.
