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HomeMy WebLinkAboutKIN 83 4506 Interest Bylaw-Tax CORPORATION OF THE TOWN OF KINCARDINE BY-LAW NO. 4506 BEING A BY-LAW TO PROVIDE FOR INTEREST TO BE ADDED TO TAX ARREARS. . WHEREAS under the prov1s1ons of Section 412 of the Municipal Act, R.S.O. 1980, Chapter 302, a municipality may charge 1nterest on tax arrears; AND WHEREAS Council 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 15% per annum as authorized under the provisions of Section 412 of the Municipal Act, R.S.O. 1980, Chapter 302 2. That the Treasurer shall add to the amount of all tax arrears due and unpaid interest at the rate of 1.25% per month for each month or fraction thereof, from the effective date of this by-law until paid. 3. That no interest to taxes shall be compounded. 4. That this By-law shall take effect on the 1st day of April, 1983. s. That By-laws 4380 and 4425 be and the same are hereby repealed. READ a FIRST and SECOND TIME this 3rd day of February, 1983. ?~d/-- Mayor -'~k~ READ a THIRD time and FINALLY PASSED this 3rd day of February, 1983. ~ ¿/ -- ....;- =- ¿:3?~~- ~-- ~~~- ~ Clerk -- ~ .