All ad valorem taxes levied by the city on all real and personal property, except ad valorem taxes on motor vehicles, shall be due and payable on October 1 of each year. A 2% discount shall be allowed on all tax bills paid by October 31 of each year. Ad valorem tax bills on all real and personal property, except tax bills on motor vehicles, remaining unpaid on January l each year shall be considered delinquent. A penalty of 10% of the amount of the taxes due shall be added to each delinquent bill. In addition, delinquent tax bills shall bear interest at a rate of 6% per annum on all taxes and penalties due, until paid.
(Prior Code, § 36.03)