Notice of Interest & Penalties

Notice of Interest

 Pursuant to Chapter 178.10 of the City of Bedford Codified Ordinances entitled, “Penalty, Interest, Fees and Charges”, interest at the rate of 5% per annum will be imposed on any unpaid income tax, estimated income tax, and withholding tax required to be paid or remitted to the City of Bedford on or after January 1, 2016 for taxable years beginning on or after January 1, 2016.

  • Interest rate for tax year 2016:   5% per annum
  • Interest rate for tax year 2017:   6% per annum
  • Interest rate for tax year 2018:   6% per annum
  • Interest rate for tax year 2019:   7% per annum
  • Interest rate for tax year 2020:   7% per annum
  • Interest rate for tax year 2021:   5% per annum
  • Interest rate for tax year 2022:   5% per annum
  • Interest rate for tax year 2023:   7% per annum

Notice of Penalties

 Pursuant to Chapter 178.10 of the City of Bedford Codified Ordinances entitled “Penalty, Interest, Fees and Charges”,

Penalties are as follows:

  • With respect to unpaid tax and unpaid estimated income tax, a penalty equal to fifteen percent of the amount not timely paid shall be imposed.
  • With respect to any unpaid withholding tax, a penalty equal to and not to exceed fifty percent of the amount not timely paid shall be imposed.
  • With respect to filling returns other than estimated income tax returns, the Municipality shall impose a monthly penalty of twenty-five dollars for each failure to timely file each return, regardless of the liability shown thereon for each month, or any fraction thereof, during which the return remains unfiled regardless of the liability shown thereon. The penalty shall not exceed a total of one hundred fifty dollars in assessed penalty for each failure to timely file a return

 

 

 

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