(iii) When providing notice through a newspaper, the newspaper
advertisement shall be published at least two times during the month of March of
each year.

(iv) The newspaper advertisement or the written notification shall
allow owners who pay property taxes through an escrow account servicer or mortgage
company at least 60 days to elect a payment option.

(f)] (E) A [property owner electing to pay real property taxes under a]
semiannual payment schedule shall MAY [pay] INCLUDE a service charge TO BE PAID
with the second installment.

[(g)] (F) The A service charge:

(1) shall be:

(i) adopted by the taxing authority that collects the property taxes
after obtaining the prior approval of the amount of the service charge from the
Department, as part of adoption of the property tax rate under §§ 6-301 through
6-303 of this article;

(ii) applicable to all property tax being collected by the taxing
authority on the semiannual payment schedule for itself and for any other taxing
authority;

(iii) 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

(iv) calculated in an amount:

1. reasonably equivalent to the anticipated lost interest
income associated with the 3-MONTH delay in payment of the second installment BY
MULTIPLYING THE AMOUNT OF THE SECOND INSTALLMENT BY A RATE NOT
EXCEEDING 1.5%; and

2. covering administrative expenses associated with the
semiannual payment not exceeding the lesser of the actual expenses incurred in the
preceding fiscal year per semiannual tax account as approved by the State
Department of Assessments and Taxation or 10% of the charge for THE ANTICIPATED
lost interest INCOME AS CALCULATED IN ITEM 1 OF THIS ITEM;

(2) DOES NOT APPLY IF BOTH INSTALLMENTS OF PROPERTY TAX ARE
PAID ON OR BEFORE SEPTEMBER 30 OF THE TAXABLE YEAR; and

(2) (3) may not be considered to be a property tax for the purposes of
any provision of a local law or charter that limits the property tax rate or property tax
revenues.

[(h)] (G) The local taxing authority shall provide to the Department by May 1
of each year, information that substantiates that the proposed service charge for the
anticipated lost interest is reasonably equivalent to the amount of interest that will
be lost as a result of the semiannual payment.