4301
MONTGOMERY COUNTY

prior to October 1, the one-half year state tax shall be
included in the billing for the three-quarter year county
levy and such tax shall be due and payable with the
county levy; otherwise the one-half year state tax shall
be billed with one-half year county levy. Improvements
shall become assessable hereunder if they are
substantially completed after the last date of finality
and before one of the succeeding dates of of finality as set
forth above. In the case of buildings under

construction, the term "substantially completed" shall
mean when the building is under roof, plastered (or
ceiled) and trimmed.

Sec. 3. Section 2-122, title "Annual levy," of
Chapter 2 of the Montgomery County Code 1965, as amended,
is hereby repealed and re-enacted, with amendments, to
read as follows:

2-122. Annual levy.

As soon as may be practicable after the passage of
the appropriate resolution by the Council, and after the
ascertainment of the assessed valuation of property for
taxation, but prior to June 30 of each year, the Council
by resolution to be recorded in its minutes, shall levy
upon all of the taxable property of the County such rate
of tax as shall be determined by the Council to be
necessary to provide a balanced budget for the fiscal
year next ensuing.

Sec. 4. Section 2-123, title "When taxes due and
payable; interest," of Chapter 2 of the Montgomery County
Code 1965, as amended, is hereby repealed and re—enacted,
with amendments, to read as follows:

2—123. When taxes due and payable; interest.

(a)    All ordinary county taxes shall be due and
payable on July 1 of the year for which such taxes are
levied. If not paid, such taxes shall bear interest from
October 1 of such levy year at the rate of one—half of
one per cent for each month or fraction thereof until the
taxes are paid; provided, that in the event tax bills are
not issued thirty days prior to October 1 of such year,
interest shall not run until thirty days from the date on
which such tax bills are mailed or presented to the
taxpayer, and, if not paid within such thirty—day period,
the bearing of interest shall revert to October 1 and the
taxes shall bear interest at the above rate from that
date until paid.

(b)    Interest on taxes levied and assessed for
one—half and three—quarter year periods shall be
collected at the rate above, if not paid within three