§ 44-21. Payment of ad valorem taxes.

(a)

The ad valorem taxes levied by the city council each year shall become due on October 1 of the year for which the levy is made and may be paid up to and including the following January 31, without penalty, but if not so paid such taxes become delinquent on the following day, February 1, and the following penalty shall be payable thereon, to-wit: if paid during the month of February, one percent; March, two percent; April, three percent; May, four percent; June, five percent; and on and after July 1, eight percent. Such unpaid taxes shall bear interest at the rate of six percent per annum from February 1 of the year next succeeding the year for which such taxes were levied or assessed.

(b)

Unpaid taxes for the assessment year and all prior years shall be considered delinquent as of February 1 of the year next succeeding the year for which such taxes were levied or assessed and shall be subject to a penalty of eight percent and interest at the rate of six percent per annum from the date of their delinquency.

(Code 1994, § 1.501; Ord. No. 69, 8-8-1977)