When rates due and payable and payments may be made

(1) Subject to subsections (2) of this section the rate to be levied upon real property and holdings of real property within the boundaries of any town by the local authority of such town, shall be due and payable on 1st April in each year in respect of the ensuing period of twelve months beginning on such date. (2) The rate levied for any year shall be paid in four equal installments payable on the first days of April, July, October of that year and January of the year following, or the local authority may allow for monthly payments of the rate levied or the arrears of past rates. (3) If the rate levied has not been paid, on the first day of January of the year following or if the property owner defaults in making the monthly payments allowed by the local authority, the whole of the amount owing for that year and any arrears of past rates shall become due and payable immediately after the date of default in payment. (4) If any fees remain unpaid after the due date, a sum equal to one per cent of the amount in arrears shall be added thereto per month or part thereof commencing from the last day in the month in which it becomes due and continuing until the date of payment. (5) The interest on arrears of rates in any town shall only begin to accrue on 1st July 2005.