Gaithersburg                                     2101

47.        All real property and all tangible personal property within the
corporate limits of the City, or personal property which may have a situs
there by reason of the residence of the owner therein, shall be subject to
taxation for municipal purposes, and the assessment used shall be the same
as that for State and County taxes.

48.        The ordinance adopting the budget shall contain a specific provision
levying such ad valorem tax as shall be required to produce the revenues
required by such budget, exclusive of funds available from other sources.

49.        Promptly after July 1 of each year the City Manager shall mail
to each property owner at his address shown on the City's tax records a
statement of the taxes due from him. This statement shall show the
amount of the assessment of his property, the tax rate, the amount of taxes
due, and the date from which unpaid taxes will bear interest. Failure to
give or receive such notice shall not relieve any property owner of the
responsibility to pay, on the date established by this Charter, all taxes
levied on his property.

50.        a. The taxes provided for in Section 48 of this Charter shall be
due and payable, except as hereinafter provided, on the first day of July
in the year for which they are levied and shall be overdue and in arrears
on the first day of the following October. They shall bear interest while in
arrears at the rate of one-half of one per centum (.005 percent) for each
month or fraction of a month until paid, unless the Council shall establish
a different rate of interest in the ordinance which establishes the tax
rate. All taxes not paid and in arrears on the last day of the following
February shall be collected as provided in Section 51.

b.    All improvements which become substantially completed between
July 1 and September 30 in any year shall be subject to taxation at three-
fourths of the rate of ad valorem tax levied pursuant to Section 48 hereof
for that year. Such tax shall be due on October 1 of that year.

c.    All improvements which become substantially completed between
October 1 and December 31 in any year shall be subject to taxation at
one-half of the rate of ad valorem tax levied pursuant to Section 48 hereof
for that year. Such tax shall be due on January 1 of the next year.

d.    "Substantially completed" shall mean that the building is under
roof, plastered (or ceiled) and trimmed.

e.    The City Manager shall mail notice to the owner of each improve-
ment which shall become subject to taxation pursuant to paragraphs b.
or c. of this section. Such notice shall be given in the manner provided in
Section 49 and shall be mailed promptly after the amount of the assessment
of such improvement is known to the City.

f.    All taxes due pursuant to paragraphs b. and c. of this section shall
be overdue and in arrears on the last day of February following their
due date. They shall bear interest while in arrears in the same amount as
the taxes provided for in paragraph a. of this section.

51.        A list of all property on which the City taxes have not been paid
and which are in arrears as of the last day of February each year shall
be delivered to the official of Montgomery County responsible for the sale
of tax delinquent property as provided by law. All property on such list
shall be sold by him in the manner prescribed by law, except such property
as shall be withdrawn from said list by the City Manager.