Maryland Code, LOCAL GOVERNMENT 20-425
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Terms Used In Maryland Code, LOCAL GOVERNMENT 20-425
- County: means a county of the State or Baltimore City. See
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(a) If a hotel fails to pay the hotel rental tax as required under this part, the hotel shall pay interest on the unpaid tax from the date on which the hotel is required to pay the tax to the date that the tax is paid.
(b) The interest rate for each month or fraction of a month is:
(1) for Cecil County, Dorchester County, Talbot County, Washington County, and Wicomico County, 1%; and
(2) for any other county, 0.5%.