THE CORPORATION OF THE
BY-LAW NO. ญญ_____
Being a by-law to provide for
Interest to be added to TAX ARREARS.
WHEREAS under the provisions of The Municipal Act, S.O., 2001 c. 25 as amended,
Section 345(3) provides that a municipality may charge interest on tax arrears.
AND WHEREAS Council deem it expedient 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 are levied;
NOW THEREFORE the Council of the
Corporation of the
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 as authorized under the provisions of The Municipal Act,
S.O., 2001 c. 25 as amended, Section 345(3).
2: That the Treasurer shall add to the amount of all tax arrears due interest at the rate of 1.25%
per month for each month or fraction thereof, from the effective date of this by-law until
3: That no interest added to taxes shall be compounded.
4: That this by-law shall take effect on the 1st day of January 2011.
READ A FIRST, SECOND, THIRD TIME AND FINALLY PASSED THIS 10TH DAY OF JANUARY 2011.
Per Mayor Doug Maeck
Per Clerk-Administrator Brenda Paul, AMCT