Ch. 818                            MARVIN MANDEL, Governor                                 1685

OFFICIAL ACT.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1973.

Approved May 24, 1973.

CHAPTER 819
(House Bill 948)

AN ACT to repeal and re-enact, with amendments, Section 50(b) of Article 81 of
the Annotated Code of Maryland (1969 Replacement Volume), title "Revenue
and Taxes," subtitle "When Taxes are Payable," to change [[a certain rate of
interest from one half of one per centum per month to two- thirds of one per
centum per month.]] the rate of interest payable on overdue semi-annual State
and local property taxes.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 50(b) of Article 81 of the Annotated Code of
Maryland (1969 Replacement Volume), title "Revenue and Taxes," subtitle "When
Taxes are Payable," be and it is hereby repealed and re-enacted, with amendments,
to read as follows:

50.

(b) Notwithstanding anything to the contrary in this; article or elsewhere in the
laws and regulations of this State and of any county, city or town, or taxing
district thereof, any real property completed during the period after July 1 in any
year and through January 1 in the next succeeding year, or otherwise first added to
the tax rolls during this period, is subject to the payment of property taxes for the
six months beginning on that January 1 and ending on the next succeeding June
30. The taxes for these six months shall be computed by using the assessed
valuation of the property at one half the current annual tax rate for the State,
county, city or town, or taxing district, as the case may be. Taxes imposed for
these six months are due and payable as of the specified day of January 1, or as of
the day a tax bill therefor was or reasonably should have been received or
available, whichever is the later day. No interest or penalties may be charged or
collected on any taxes covered by this subsection until at least thirty days after the
bill for the taxes has been mailed or made available. From and after April 1 all
such ordinary State, county, city or town, or taxing district taxes, as the case may
be, are overdue and in arrears, and they shall bear interest at the rate of [one half
of one percent (1/2%)] [[TWO-THIRDS (2/3) OF ONE PERCENTUM]]
FIXED BY THE GOVERNING BODY OF THE SUBDIVISION for each
month or fraction thereof until paid. A county, city or town, or taxing district may
charge and collect a penalty for failure to make payment on or before April 1 or
on or before thirty days after the bill for the taxes has been mailed or made
available, whichever is the later date; but this penalty must have been fixed prior to
this day of January 1 by resolution of the county commissioners or county council,
ordinance or resolution of the city or town, or resolution of the governing body of
the tax district, as the case may be. In the event Montgomery County, or Howard
County or any city or town provides for three-quarter year taxes under the
provisions of subsection (c) hereof, the provisions of this subsection shall not apply
to property taxes collected under the authority of said subsection (c).