If the annual report is not submitted as required by § 11-101 of this article, the Department shall assess: an initial tax penalty not exceeding 1/10 of 1% of the total county assessment in all counties where property is located; and an additional penalty of 2% of the initial tax penalty for each 30 days or fraction of a 30-day period that the report is not submitted. The initial penalty under paragraph (1) of this subsection may not be more than $500 or less than: $30 if 1 to 15 days late; $40 if 16 to 30 days late; or $50 if over 30 days late. The Department may abate or reduce the tax penalty under subsection (a) of this section when good cause is shown. The Department may extend the date for submitting the report until June 15 of the year in which the report is due if a person submits a request: electronically on or before April 15 of the year in which the report is due; or by paper document on or before March 15 of the year in which the report is due. Any extension request submitted by paper document must be accompanied by the fee specified in § 1-203 of the Corporations and Associations Article. Extensions are not accepted by facsimile.