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 That By-Law 82-2 be repealed.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