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Interest shall be levied on any tax deficiency.

(1) Interest shall be calculated for each month or portion of a month from the due date that a tax deficiency remains unpaid. For transactions consummated after the effective date of the ordinance codified herein, the monthly interest rate shall be determined by the Commissioner of Banking pursuant to Section 39-21-110.5, C.R.S.

(2) When a timely protest is made to a notice of assessment, no additional interest shall be assessed on any tax upheld by the Finance Director for the period between the due date of such assessment and the payment date established in an informal meeting or thirty (30) days after the date of a finding of fact, conclusion or a decision issued after a hearing.

(3) Interest properly assessed on any tax deficiency shall not be abated. (Ord. 1263, 2007)