HomeMy WebLinkAboutTR-12-83 W\5D«A yJ:OWI[DGE,up /U.5 e,_� �
CORPORATION OF THE TOWN OF NEWCASTLE l
40 TEMPERANCE STREET
BOWMANVILLE, ONTARIO
LiC3A6 TELEPHONE 623-3379
REPORT TO THE GENERAL PURPOSE AND ADMINISTRATION COMMITTEE MEETING FIELD
MARCH 7, 1983
TR-83-12
SUBJECT: PENALTY CHARGES FOR NON-PAYMENT OF CURRENT TAXES AND INTEREST
ADDED TO TAX ARREARS FOR 1983
RECOMMENDATION:
It is respectfully recommended that the attached By-Law 83- to establish
a penalty charge for non-payment of current taxes at 15% per annum and By-Law
83- to provide for interest to be added to tax arrears at 15% per annum
be recommended to Council for approval .
BACKGROUND AND COMMENT:
The current By-Laws (82-3 and 82-2) require amendment as of March 31, 1983,
because of sunset provisions included in their texts. The interest rates
which now prevail in the market place are now lower than 18% as provided by
by these by-laws. Staff recommended that Committee adopt the provisions
under the Municipal Act which allow a 15% interest rate per annum to be
charged on overdue current taxes and arrears of taxes.
Respectfully submitted,
Kathryn A. Campbell , C.A. , B.Comm. ,
010' Treasurer.
KAC:gf
R83-TI-1
Att: 2