(1) the governing body of a county shall provide Can optional] A
semiannual payment schedule for State, county, and special taxing district property
taxes due on owner-occupied residential property; and

(2) the governing body of a municipal corporation shall provide [an
optional] A semiannual payment schedule for municipal corporation and special
taxing district property taxes due on owner-occupied residential property.

(c) A semiannual payment schedule under this section SHALL APPLY:

(1) [may be elected] at the time of the transfer of property purchased on
or after July 1, [1995] 4999 2000; and

(2) [may be elected on an annual basis by] TO any current or future
owner of owner-occupied residential property, regardless of whether the property was
purchased before July 1, [1995] 1999 2000. 

(d) (1) [A] THE semiannual payment schedule [election] under subsection
(e)(1) of this section shall apply to:

(i) the property tax due for the tax year following transfer of the

property; and

(ii) the property tax due and not in arrears for the current tax year
for any transfer occurring between July 1 and January 1 of property that is currently
subject to a semiannual schedule of property tax payment ON OR AFTER JULY, 1 BUT
ON OR BEFORE SEPTEMBER 30.

(2) [Once the property owner elects to pay property taxes according to a
semiannual payment schedule, that election shall remain effective until changed by
the property owner or the property is transferred.

(3) An election of a semiannual payment schedule may not be effective
unless the] THE first installment [is] OF A SEMIANNUAL PAYMENT SHALL BE paid
on or before September 30.

[(e) (1) A county or municipal corporation may adopt procedures to notify
taxpayers of the availability of the semiannual property tax payment option.

(2) (i) A county or municipal corporation shall notify property owners
on an annual basis about the availability of the semiannual property tax payment
option through newspaper advertisements or through written notification sent to all
eligible property owners.

(ii) The newspaper advertisements or written notice shall include:

1. information about the semiannual payment option
eligibility requirements and specific instructions for electing semiannual property tax
payment; and

2. a tear-out or other response form that can be used by
taxpayers to request that their property taxes be paid on a semiannual basis to
mortgage companies or other escrow account servicer or local governments.