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HomeMy WebLinkAboutKIN 94 087 Interest Tax Arrears - e e e THE CORPORATION OF THE TOWN OF KINCARDINE BY-LAW BY-LAW NO. 1994-87 BEING A BY-LAW PURSUANT TO SECTION 419 OF THE MUNICIPAL ACT R.S.O. 1990, CHAPTER M.45, TO PROVIDE FOR INTEREST TO BE ADDED TO TAX ARREARS. WHEREAS the Council for The corporation of the Town of Kincardine in accordance with the Municipal Act, deems it expedient to impose an interest charge on tax arrears; AND WHEREAS tax arrears are taxes levied in any year which are due and unpaid after December 31st of the year in which they were levied; NOW THEREFORE the Council of the Corporation of the Town of Kincardine ENACTS as follows: 1) That the interest to be charged on unpaid tax arrears on the effective date of this by-law shall be at the rate of fifteen per cent (15%) per annum. 2) That the Treasurer shall add to the amount of all tax arrears due and unpaid interest at the rate of one and a quarter per cent (1.25%) per month for each month or fraction thereof, from the effective date of this by-law until paid. 3) That no interest shall be compounded. 4) That this by-law shall come into full force and effect on the 1st day of January, 1995. 5) That this by-law repeals by-law no. 4506, and may be cited as the "Tax Arrears Interest By-Law". READ a FIRST and SECOND time this 15th day of September, 1994. READ a THIRD time and FINALLY PASSED this 15th day of December, 1994. ~~ Mayor ~/~~ C erk