(1) All taxes assessed on real and on personal property shall be due and payable to the Town Tax Collector in four equal installments on August 15, November 15, February 15, and May 15; provided, however, that if any due date is on a Saturday, Sunday, or legal holiday, the due date shall be the next following day that is not a Saturday, Sunday, or legal holiday. Each installment not paid by its due date shall bear interest at the rate of one percent per month or fraction thereof for the first three months, and thereafter at the rate of one and one-half percent per month or fraction thereof.

(2) On all taxes not paid by the last tax installment due date, the Collector of Delinquent Taxes shall collect an additional amount equal to eight percent on the amount of the tax owed. This amount shall be in lieu of any amount collected by the Collector of Delinquent Taxes under 32 V.S.A. § 1674 and shall be paid into the Town General Fund. (Amended 2005, No. M-10 (Adj. Sess.), § 17, eff. May 1, 2006.)