Yes. In accordance with State law, accounts not paid by the due date will accrue interest monthly at an annualized rate equal to the bank prime loan rate (posted by the Board of Governors of the Federal Reserve System) plus 3% until the taxes are paid in full. For the purposes of this interest calculation, any period of less than one month shall be considered to be one month. In addition, a 5% penalty on the unpaid taxes will be imposed every 120 days after the due date up to the maximum amounts allowed by law (aggregate amount of penalties shall not exceed 20% of the principal amount of the taxes originally due). Penalty and interest charges shall not be waived, regardless of the reason for the delinquent payment.