All ordinary City taxes which are due and payable on July 1 for any year shall be overdue and in arrears on October 1 of the same calendar year, and from and after that date they shall bear, until paid:interest at the rate of 1% for each month and fraction thereof; and penalty at the rate of 1% for each month and fraction thereof. The aforegoing due dates as stipulated in this subsection shall apply to all taxes based upon assessments reported to the Director of Finance provided that the bill therefor is rendered on or before August 31 in the taxable year for which such taxes apply. Taxes based upon assessments reported to the Director of Finance, bills for which are rendered after August 31, in the taxable year for which such taxes apply, will be considered delinquent 30 days after the date of the bill therefor. Such bills, if not paid within the 30-day period, shall bear, until paid:interest at the rate of 1% for each month and fraction thereof; and penalty at the rate of 1% for each month and fraction thereof. In all instances of escaped or omitted property, the penalties and interest herein provided shall be added to the bill for the current year and back years in the same manner as if such property had not escaped or been omitted. The penalties and interest provided for shall be added to the bill for taxes itself and collected by the Director of Finance in the same manner as taxes are collected. City Code, 1927, art. 46, §44 1950, art. 37, §44 1966, art. 28, §42 1976/83, art. 28, §12 Ord. 23-069 Ord. 24-283 Ord. 50-1444 Ord. 58-1598 Ord. 58-1615 Ord. 59-025 Ord. 66-847 Ord. 67-1017 Ord. 68-042 Ord. 69-356 Ord. 73-380 Ord. 81-366 Ord. 82-656 Ord. 83-929