Ch. 408

1993 LAWS OF MARYLAND

(4) (E) THE SERVICE CHARGE SHALL BE:

(I) (1) ADOPTED BY. THE TAXING AUTHORITY AS PART OF
ADOPTION OF THE PROPERTY TAX RATE UNDER §§ 6-301 THROUGH 6-303 OF THIS
ARTICLE;

(II) (2) EXPRESSED AS A PERCENT OF THE AMOUNT OF TAX DUE
AT THE SECOND INSTALLMENT AND SHOWN ON THE TAX BILL AS A PERCENT AND
ACTUAL DOLLAR AMOUNT CHARGED; AND

(III) (3) CALCULATED IN AN AMOUNT:

1. (I) REASONABLY EQUIVALENT TO THE ANTICIPATED
LOST INTEREST INCOME ASSOCIATED WITH THE DELAY IN PAYMENT OF THE

SECOND INSTALLMENT; AND

2. (II) COVERING             ADMINISTRATIVE          EXPENSES

ASSOCIATED WITH THE SEMIANNUAL PAYMENT NOT EXCEEDING 25% OF THE
CHARGE FOR LOST INTEREST.

(5) (F) THE PROPERTY TAX BILL UNDER A, SEMIANNUAL SCHEDULE
SHALL STATE:

(I) (1) THE AMOUNT OF THE TAX DUE IF PAID IN FULL,
INCLUDING ANY APPLICABLE DISCOUNTS FOR EARLY PAYMENT;

(II) (2) THE AMOUNT OF THE TAX DUE IF PAID IN SEMIANNUAL
INSTALLMENTS, INCLUDING ANY APPLICABLE DISCOUNTS FOR EARLY PAYMENT OF
THE FIRST INSTALLMENT;                                                   

(III) (3) THE AMOUNT OF SERVICE CHARGE TO BE PAID WITH THE
SECOND INSTALLMENT; AND

(IV) (4) THE DATE THE TAX PAYMENT IS DUE.

(6) (G) A PAYMENT UNDER A SEMIANNUAL SCHEDULE IS DUE:

(I) (1) FOR THE FIRST INSTALLMENT:

1. (I) ON JULY 1 OF THE TAX YEAR, AND

2. (II) MAY BE PAID WITHOUT INTEREST ON OR BEFORE
SEPTEMBER 30 OF THE TAX YEAR; AND                                                                  .

(II) (2) FOR THE SECOND INSTALLMENT:

1. (I) ON JANUARY 1 OF THE TAX YEAR; AND

2. (II) EXCEPT FOR THE SERVICE CHARGE, MAY BE PAID
WITHOUT INTEREST ON OR BEFORE JANUARY 31 OF THE TAX YEAR.

(7) (H) IF AN ESCROW ACCOUNT IS ESTABLISHED FOR THE PAYMENT
OF THE PROPERTY TAX, THE TAX SHALL BE PAID IN ANNUAL OR SEMIANNUAL
INSTALLMENTS AS DIRECTED BY THE PROPERTY OWNER OR BORROWER.

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