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HARRY HUGHES, Governor 947
interest rate on overdue taxes owed the City of Frederick.
BY repealing and reenacting, without amendments,
Article 81 - Revenue and Taxes
Section 48(a)
Annotated Code of Maryland
(1980 Replacement Volume and 1982 Supplement)
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BY repealing and reenacting, with amendments,
Article 81 - Revenue and Taxes
Section 48(m)
Annotated Code of Maryland
(1980 Replacement Volume and 1982 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 81 - Revenue and Taxes
48.
(a) Except in Baltimore City as to city taxes for which
provision is made by subsection (e), all ordinary State, county,
incorporated city or town, and taxing district taxes, are due and
payable without interest as of the first day of July in each
taxable year. These taxes are overdue and in arrears on the first
day of the succeeding October. After October 1, except for the
jurisdictions as otherwise provided in subsection (g) of this
section, these taxes shall bear interest at the rate of 2/3 of 1
percent for each month or fraction of a month until paid, except
as otherwise provided in this section.
(m) (1) (I) Taxes overdue, in arrears, and payable to
Frederick County shall bear interest at the rate fixed by the
Board of County Commissioners.
(II) TAXES OVERDUE, IN ARREARS, AND PAYABLE TO
THE CITY OF FREDERICK SHALL BEAR INTEREST AT THE RATE FIXED BY
THE BOARD OF ALDERMEN.
(2) The [rate] RATES shall be established prior to
the date that annual real property taxes are levied in Frederick
County AND IN THE CITY OF FREDERICK.
(3) The interest rate may not exceed 1 percent per
month or 12 percent per annum.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
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