(50 ILCS 45/55)
Late payment penalty.
penalties may not exceed 5% of the tax due and not timely
paid or remitted to the unit of local government. This
penalty shall not apply if a failure to file penalty is
imposed by the unit of local government. A local tax
administrator may determine that the late payment was due to
reasonable cause and abate the penalty.
(Source: P.A. 91-920, eff. 1-1-01.)