§ 6-1.416. Refunds; Interest.

(a)

Any amounts of disputed taxes, including interest and additional charges if any, refunded shall bear interest at the average rate of interest computed over the preceding six (6)-month period, lawfully obtainable on deposits of public funds at the time refund is made, whichever rate is lower, and shall be computed from the date of payment to the date of refund except for amounts refunded as a result of a final judicial determination of the invalidity of any portion of, or amendment to this Code, or the invalidity of any administrative interpretation thereof, in which case interest shall be computed from the date of the claim for refund to the date of refund.

(b)

If the Tax Collector offsets overpayments for a period or periods against underpayments for another period or periods, against penalties or against interest on the underpayments, the taxpayer will be credited with interest on the amount so applied at the rate of interest set forth above, computed from the date of payment.

(c)

If a taxpayer chooses to apply all or part of a refund against a future year's liability, the taxpayer will not be credited with interest on the amount so applied.

(Added by Ord. 3266-C.S., § 2, effective 9-26-02)