(1) Should a person fail to pay the tax due in the time prescribed, said person shall become liable for interest on the tax due at the rate of one percent per month. Interest calculations shall commence the day following the due date.

(2) Should a person fail to pay the tax due within 30 days after it is due, said person shall become liable for a penalty of 10 percent of the amount of the tax due, in addition to the interest provided for in subsection (1) of this section, for each payment in default. [Ord. 3437 § 2, 2000; Code 1970 § 3.02.130.]