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WILLIAM DONALD SCHAEFER, Governor H.B. 1221
(E) (1) (B) IF A GOVERNING BODY OF A COUNTY OR MUNICIPAL
CORPORATION AUTHORIZES A SEMIANNUAL PAYMENT SCHEDULE UNDER
SUBSECTION (A) OF THIS SECTION, FOR OWNER-OCCUPIED RESIDENTIAL PROPERTY
PURCHASED ON OR AFTER JULY 1, 1003, AT THE TIME OF TRANSFER OF THE
PROPERTY THE PURCHASER THE OWNER PURCHASED ON OR AFTER JULY 1, 1993, AT
THE TIME OF TRANSFER OF THE PROPERTY THE PURCHASER MAY ELECT TO PAY THE
REAL PROPERTY TAXES DUE UNDER THIS SECTION ON A SEMIANNUAL PAYMENT
SCHEDULE.
(2) (C) A SEMIANNUAL PAYMENT SCHEDULE ELECTED UNDER THIS
SECTION SHALL APPLY TO THE PROPERTY TAX DUE FOR THE TAX YEAR
FOLLOWING TRANSFER OF THE PROPERTY AND EACH SUBSEQUENT TAX YEAR.
(3) (D) A PROPERTY OWNER ELECTING TO PAY REAL PROPERTY
TAXES UNDER A SEMIANNUAL PAYMENT SCHEDULE SHALL PAY A SERVICE CHARGE
WITH THE SECOND INSTALLMENT.
(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:
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