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A. Delinquent real property taxes shall be charged a penalty equal to one percent of the principal tax for each business day or part of a business day that the tax is unpaid up to a maximum penalty of five percent of the principal tax. A taxpayer may appeal the imposition of penalties and interest or request a waiver of the penalty as provided in FNSBC 7.04.170.

B. Interest at the rate of eight percent per year shall accrue on the principal amount of the delinquent tax from the date the installment is due until paid in full. The principal tax shall accrue simple interest and not compound interest. No interest shall accrue on the penalty itself.

C. Interest on an installment accrues, and the penalty shall be added, on the date the installment becomes delinquent until it is paid in full.

D. The Borough shall apply tax payments first to the amount due for the oldest tax year, then to the next most recent year, until the most recent is paid in full. For each such year, the payment shall be applied first to interest, then to advertising fees and legal costs, then to the penalty, then to the principal tax debt. A tax payment applied erroneously may be corrected retroactively. The Borough shall notify the taxpayer immediately of any such correction. (Ord. 2014-14 § 3, 2014; Ord. 2011-11 § 2, 2011; Ord. 90-011 § 2, 1990. 2004 Code § 3.32.010.)