§ 6-5. One-quarter year taxes.

(a) In general.

(1) Pursuant to the provisions of State Tax-Property Article §§ 10-105, 14-604, and 14-702, there is hereby levied a tax on any real property completed during the period after January 1 in any year and through March 30, or otherwise first added to the assessment rolls during such period, for the 3 months beginning on April 1 and ending on the next succeeding June 30.

(2) The taxes for these 3 months shall be computed by using the assessed valuation of the property at ¼ the current annual tax rate, and taxes imposed for these 3 months shall be due and payable as of the specified day of April 1 or as of the day a tax bill therefor was or reasonably should have been received or made available, whichever is the later date.

(b) Interest and civil penalties.

All such bills shall be overdue and in arrears on the next succeeding July 1 or 30 days after the bill for the taxes has been mailed or made available, whichever is the later date, and shall bear, until paid:

(1) interest at the rate of 1% for each month and fraction thereof; and

(2) penalty at the rate of 1% for each month and fraction thereof.

In all instances of escaped or omitted property, the penalties and interest herein provided shall be added to the bill for the current year and back years in the same manner as if such property had not escaped or been omitted.

(d) Collection.

The penalties and interest provided for shall be added to the bill for taxes itself and collected by the Director of Finance in the same manner as taxes are collected.