If you or your company is notified of a late penalty, you should look into why it was late as well as research the statutes and local laws for that jurisdiction. Some states are more lenient than others in forgiving penalties. Keep in mind in a state like Florida, the penalty accrues – so the first month it may only be 5%, but after five months you could be facing a 25% tax assessment penalty. Waiting to deal with a late penalty could result with a higher property tax bill.
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