§ 11-2-306. THREE-QUARTER YEAR TAXES.

(a)

Tax levied. There is a county tax on any real property completed during the period after July 1, in any year, and through September 30, or first added to the assessment rolls during the period, for the 9 months, beginning on October 1, and ending on the following June 30.

(b)

Computation. Taxes shall be computed by using the assessed valuation of the property at three-fourths the current annual tax rate.

(c)

Due date.

(1)

The provisions of § 11-2-303(d) of this subtitle do not apply to this subsection.

(2)

Taxes are due and payable on the later of:

(i)

The day a tax bill was or reasonably should have been received or made available; or

(ii)

October 1.

(d)

Late payments. A bill is overdue and in arrears on the later of:

(1)

30 days after the bill was mailed or made available; or

(2)

The following November 1.

(e)

Interest.

(1)

For any taxes that are overdue as provided in subsection (d) of this section, the county shall charge and collect interest at the rate of 1% per month or fraction of a month that the taxes are overdue.

(2)

For escaped or omitted property, the county shall add the interest authorized under this section for the current year and back years as if the property had not escaped or been omitted.

(3)

The Director shall add the interest authorized under this section to the tax bill and collect the interest in the same manner as taxes are collected.

(1988 Code, § 33-55) (Bill No. 66, 1992, § 1, 7-1-1992; Bill No. 49-96, § 20, 7-1-1996; Bill No. 33-03, § 2, 7-1-2004)