40:48C-37 - Interest and penalties on unpaid tax - New Jersey Statutes

40:48C-37.  Interest and penalties on unpaid tax
    Except as otherwise provided in Articles 4 and 7 of this act, any ordinance  adopted pursuant to this act shall provide that if for any reason the tax is  not paid when due, interest at a rate of 12% per annum on the amount of said  tax, and an additional penalty of   1/2   of 1% of the amount of the unpaid tax  for each month or fraction thereof during which the tax remains unpaid, shall  be added and collected.  Where action is brought for the recovery of any such  tax, the taxpayer liable therefor shall, in addition, be liable for the costs  of collection and the interest and penalties therein imposed.

     L.1970, c. 326, s. 37, eff. Dec. 23, 1970.