Section 63
SEC. 63. Annual tax and penalties—Extension, remission of the payment of the tax.&mdashAn annual tax of not more than two per centum on the assessed value of all real estate in the city subject to taxation as hereinabove provided may be levied by the City Council. The tax for any year shall be due and payable on the first day of January of each year, and if any taxpayer shall fail to pay the taxes assessed against him on or before the thirtieth day of June of the year for which such taxes are due, he shall be delinquent in such payment and shall be subject, as a penalty for such delinquency, to an additional tax of twenty per centum of the amount of the original tax if both the original and the additional tax be paid during the first six months of such delinquency, and if not so paid, to an additional tax of twenty-five per centum of the amount of the original tax; the additional tax to be collected at the same time and in the same manner as the original tax. At the option of the taxpayer, the tax due for any year may be paid in two equal installments, the first of such installments to consist of one-half of the tax and the second to consist of the remainder of the tax for the year. In such cases, the first installment must be paid on or before the thirtieth day of June of the year which the tax is due, and the second may be paid at any time prior to the first day of January of the following year, but if the first installment of the tax for any year is not paid on or before the thirtieth day of June of such year, then the whole of that year's tax shall be delinquent and the penalty due thereon as hereinbefore provided. If any taxpayer; having paid the first installment of his tax for any year, shall fail to pay the second installment thereof before the first day of January of the following year, the penalty collected shall be twenty per centum of the amount of such second installment during the first six months of said following year, and thereafter twenty-five per centum of such amount. The penalties thus imposed shall be accounted for by the City Treasurer in the same manner as the tax. In the event that such tax and penalty shall remain unpaid for fifteen days after the tax becomes delinquent, the City Treasurer shall proceed to make collection thereof in the manner hereinafter prescribed. The City Council may extend the time for the collection of the tax on real estate in the City of Cebu for a period part of the tax on real estate or the penalties thereon not to exceed three months. It may also remit all or during the ensuing year in case there are good and sufficient reasons for it. The resolution in any such case shall not take effect until it has been approved by the Mayor.