(1) Penalty for late payment. For transactions consummated after the effective date of the ordinance codified herein, the penalty for late payment shall be fifteen dollars ($15.00) or ten percent (10%) of the tax deficiency, whichever is greater. Additionally, one percent (1%) of the tax deficiency per month from the date when due, not exceeding eighteen percent (18%) in the aggregate, shall be assessed.

(2) Penalty for fraud. If any tax deficiency is due to fraud or intent to evade the tax, the penalty shall be one hundred percent (100%) of the total tax deficiency.

(3) Abatement of penalty. Any penalty assessed under this Section may be abated by the Finance Director, with the approval of the Town Manager, if the taxpayer submits a written request for such abatement on or before the payment date of the applicable notice of assessment, and if the Finance Director and the Town Manager find good cause thereof. (Ord. 1263, 2007)