(a)(1) The governing authority of each county and of each municipal corporation is authorized to provide by appropriate resolution or ordinance for the collection and payment of ad valorem taxes on tangible property other than motor vehicles in two installments. If the governing authority of any county or municipal corporation elects to provide for installment payments, any ad valorem taxes due the state, county, and county board of education or the municipality and any municipal board of education which are levied upon tangible property other than motor vehicles shall become due and payable as provided in this Code section.

(2) The resolution or ordinance required pursuant to this subsection shall be adopted by the governing authority of the county or municipal corporation on or before December 31 for the next succeeding tax year. Any governing authority of a county or municipal corporation electing to collect taxes in installments shall file with the commissioner a certified copy of the appropriate resolution or ordinance within ten days of its adoption. The resolution or ordinance shall continue in full force and effect in all subsequent tax years unless repealed by the governing authority of the respective county or municipal corporation, in which case the governing authority shall notify the commissioner of the repeal within ten days after such action is taken.

(b)(1) Notwithstanding that the governing authority of any county or municipal corporation, pursuant to this Code section, provides for the collection and payment of ad valorem taxes on tangible property other than motor vehicles in two installments based on the fraction of taxes levied on the property for the preceding tax year, the governing authority of any county or municipal corporation is further authorized to provide by appropriate resolution or ordinance for the collection and payment of ad valorem taxes on tangible property other than motor vehicles in two installments with a single billing for the current tax year based on the current final tax digest as authorized by the commissioner pursuant to Code Section 48-5-345, or on a temporary digest authorized by the judge of superior court pursuant to Code Section 48-5-310. The resolution or ordinance required by this subsection shall be adopted by the governing authority of the county or municipal corporation on or before December 31 for the next succeeding tax year. The resolution or ordinance shall be filed with the commissioner and shall continue in full force and effect as provided in subsection (a) of this Code section. Notification of the repeal of the resolution or ordinance shall be made as provided in subsection (a) of this Code section.

(2) Those taxes payable in installments and based on the current final tax digest as provided in this subsection shall be billed on July 1 or as soon as practical after the commissioner has issued an order authorizing the use of said digest for the collection of taxes or the issuance of an order from a judge of superior court for the temporary collection of taxes, whichever date is later. The first installment on such taxes shall be one-half of the entire amount due for the year and shall become due 60 days from the date of billing. The second installment on the taxes shall be one-half of the entire amount due for the year and shall become due on December 20. Each installment shall become delinquent on the day following its due date and, upon becoming delinquent, shall be subject to a penalty of 5 percent. That part of the entire amount of a tax bill due which is unpaid after December 20 shall be subject to interest at the rate specified in Code Section 48-2-40 from December 21 until paid. Paragraph (3) of subsection (e) of this Code section, relating to penalty and interest, shall not apply to installment payments authorized by this subsection.

(c) For the purposes of subsection (a) of this Code section, taxes due and payable in installments on tangible property shall be as follows:

(1) One-half of the taxes levied on the property for the preceding tax year shall be due and payable at the time specified in the resolution or ordinance for the first installment; and

(2) The remaining taxes shall be due and payable on the final installment, which shall become due on December 20 of each year or 60 days from the date of billing, whichever comes later, shall be the total taxes due on the property for the current year after credit has been given for tax payments made in accordance with paragraph (1) of this subsection.

(d) Nothing contained in this Code section shall be construed to impose any liability for the payment of any ad valorem taxes upon any person for property which was not owned on January 1 of the applicable tax year.

(e)(1) This Code section shall apply to all persons required by law to make annual tax returns of all their property in this state to the commissioner.

(2) The governing authority of each county and of each municipal corporation is authorized to collect taxes in accordance with the installment provisions of subsection (c) of this Code section even though no assessment has been placed on the subject tangible property for the tax year for which the installments are being collected.

(3) Taxes not paid when due under any installment authorized pursuant to this Code section shall bear interest at the rate provided by law for unpaid ad valorem taxes from the due date of any such installment. Any taxes not paid in full by December 20 or 60 days from the date of billing, whichever comes later, of any year shall be subject to the penalties and interest provided by law.

(f) The governing authority of each county may, pursuant to Code Section 48-5-150, provide for an earlier due date for the final installment authorized by this Code section. When the governing authority elects to establish an earlier due date, the final installment shall bear interest at the rate specified in Code Section 48-2-40 from the earlier date so established.