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repealed.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.
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Mayor
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READ a THIRD time and FINALLY PASSED this 3rd day of February,
1983.
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