§ 97-9. Penalty for late return.

Any utility failing to file a return or a corrected return, or to pay any tax or any portion thereof, within the time required by this article, shall be subject to a penalty of 5% of the amount of tax due, plus 1% of such tax for each month of delay or fraction thereof, except the first month after such return was required to be filed or such tax became due; but the Village Treasurer, if satisfied that the delay was excusable, may remit all or any portion of such penalty.