(a) Montgomery County may by law provide for deferred payment of any county transfer tax levied on owner-occupied, single-family residential property, at the rate of interest prescribed in section 14-606 of the Tax-Property Article and on such other terms as it may prescribe.
(b) The unpaid balance of the transfer tax plus interest shall be a lien on the property affected.
(c) Montgomery County may issue annually tax anticipation notes in an amount not to exceed the amount of taxes deferred as provided in subsection (a) of this section. (1985, ch. 8, § 11; 2016 L.M.C., ch. 7, § 2.)