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Is there a penalty for failure to renew a business license on time?

Yes. If the business license is not renewed on or before Feb. 15, there is a 15 percent penalty assessed for the first 30 days the payment is late. There is an additional 15 percent penalty assessed if the license is paid after 30 days. The maximum penalty assessed each year for a delinquent license is 30 percent. In addition to a penalty, all delinquent licenses are assessed interest of 1 percent each month on the unpaid balance.