Taxes on real estate.
Section 27
SEC. 27. Taxes on real estate. - A tax, the rate percent of ad valorem taxation not to exceed to per centum, to be determined by the City Council, shall be levied annually on or before the second Monday of February on the assessed value of all real estate in the city subject to taxation. All taxes on real estate for ony year shall be die and payable annually on the first day of June, and from this date such taxes together with all penalties accruing thereto shall constitute a lien on th e property subject to such taxation. At the option of the taxpayer, the tax for any year may be paid in two installments to be fixed annually by the City Council simultaneously with the rate per centum of ad valorem taxation: Provided, That the time limit for the first and second installments shall be set at not later than the thirtieth day of June and the thirtieth day of October of each year, respectively. At the expiration of the time for die payment of the real estate tax without penalty, die taxpayer shall be subject, from the first day of delinquency, to die payment of a penalty at die rate of two per centum for each full mondi of delinquency that has expired, on die amount of die original tax due, until the tax shall have been paid in full or until the property shall have been forfeited to die city as provided in this Act: Provided, That in no case shall the total penalty exceed twenty-four per centum of die original tax due.