The tax year shall be from July 1 through June 30. The taxes provided for in section 107 of this Charter shall be due on the first day of July of each year. The board of aldermen may establish by resolution discounts for payment prior to October of each year. The taxes shall bear interest at a rate as established by resolution of the Mayor and Board of Alderman for each month or fraction of a month thereafter until paid. All taxes not paid and in arrears after the first day of the following March shall be collected as provided by law. (Acts 1951, Ch. 539, § 111; Res. of 7-18-63; Res. No. 2-77, § 1, 3-3-77; Res. No. 10-83, § 1, 6-24-83; Res. No. 9-88, 6-10-88)