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HomeMy WebLinkAbout83-39 The Corporation of the Town of Newcastle By-Law No. 83- 39 being a by-law to provide for interest to be added to tax arrears. WHEREAS, under the provisions of The Municipal Act, Section 412, R.S.O. 1980 a municipality may charge interest on tax arrears; AND WHEREAS, Council deems it expendient 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 Newcastle 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. 2. That the Treasurer shall add to the amount of all tax arrears due and upaid interest at the rate of 1.25% per month for each month or fraction thereof, from the effective date of this by-law until the taxes are paid. 3. That no interest added to taxes shall be compounded. 4. That this by-law shall take effect on the 1st day of April, 1983. 5. That By-Law 82-2 be repealed. BY~LAW READ a first and second time this 14th day of March, 1983. BY-LAW READ a third and final time this 14th day of March, 1983. ( G;B. RiCkard.~ ~~ Mayor .' D.W. Oakes Town Clerk '.~ Seal I File NO.nn_jJL;.~ I