Any property owner required to file a return under this act, who fails or neglects to file a return within the time prescribed herein or who shall file a willfully false or fraudulent return, shall be assessed as a penalty of $25.00 per day for each day of delinquency provided that the total penalty for such property owner shall not exceed $500.00 and, provided, further, that in the case of a taxpayer whose business personal property, at cost, does not exceed $25,000.00, there shall be imposed in lieu of such a penalty the appropriate penalty listed below:
$5.00 where the delinquency does not exceed 30 days;
$10.00 where the delinquency does not exceed 60 days;
$20.00 where the delinquency does not exceed 90 days;
$25.00 for each additional 30 days in excess of 90 days, provided that in no event shall the total penalty for such property owner exceed $100.00.
All penalties shall be enforceable and collectible by the Director, Division of Taxation pursuant to the penalty enforcement law (chapter 58 of Title 2A of the New Jersey Statutes) in a summary manner. The director, if satisfied that the failure to file on time was excusable, may abate or remit the whole or part of any penalty.