(a) Payment Authorized. A property owner may make advance payment of County real property tax in accordance with the provisions of MP Code, Tax - Property, § 10-205, as amended.
(b) Calculation of Payment. The advance payment must be calculated by applying the current County property tax rate to the assessment of the property owner’s real property for the prior year.
(c) Application of Payment. The Director of Finance must apply the advance payment first to any balance due appearing on the Real Property Consolidated Tax Bill for the property for which the advance payment is tendered. The Director of Finance must apply any remaining amount of the advance payment as a credit against the total liability as finally determined by the Director on the next ensuing Real Property Consolidated Tax Bill for the property for which the advance payment has been made.
(d) Overpayment and Interest. If the advance payment exceeds the total liability shown on the next ensuing Real Property Consolidated Tax Bill for the property for which the advance payment has been made, the Director of Finance must send a refund to the property owner. The County must not pay interest on the advance payment, including any refund attributable to the advance payment.
(e) Separate fund required. The Department of Finance must segregate funds received under this Section from other revenue the County collects.
(f) Report. By January 30 each year, the Department of Finance must send a report to the County Executive and County Council on the amount of advance payments received in the previous calendar year.
(2017 L.M.C., ch. 38, § 1.)
Editor’s note—2017 L.M.C., ch. 38, § 2, states: Implementation Authority. The Director of Finance may take all steps necessary to implement this Act, including requiring the property owner to execute a form prepared by the Director. The form may contain a statement that the property owner acknowledges that the County makes no representation as to whether the advance payment may be deducted for Federal income tax purposes.
2017 L.M.C., ch. 38, § 3, states: .... The amendments in Section 1 apply to advance payments made on or after December 26, 2017.