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Section 35-18. Personal Property Tax on Motor Vehicles, Trailers and Boats; Proration Thereof. (a) There shall be a personal property tax assessed and levied at the rate established each year by the City Council on motor vehicles, trailers and boats ("hereafter referred to in this section as taxable property") which are titled or acquire a situs within the City on or after January 2nd of each year. When taxable property acquires a situs within the City on or after January 2nd, the personal property tax for that year shall be assessed to the owner prorated on a monthly basis for the portion of the tax year during which the taxable property is titled or has situs within the City. When taxable property with a situs in the City is transferred to a new owner within the City, the personal property tax shall be assessed to the new owner prorated on a monthly basis for the portion of the tax year during which the new owner owns the taxable property. For the purpose of proration, a period of more than one-half (1/2) of a month shall be counted as a full month, and a period of less than one-half (1/2) of a month -shall no= be counted. Ail taxable property which acquires situs or has its title transferred after January 1st shall be assessed as of the 1st da~ of the month in which the ta~able property acquires situs within the City or has its title transferred. The owner of taxable property acquiring situs within the City or to whom taxable property is trans- ferred or who shall transfer title or acquire a new tax situs for the taxable property shall file a declaration with the Commissioner of the Revenue within ten (!O) days of the date on which such property acquires a change of situs or title is transferred, on a form provided by said Commissioner. (b) When any taxable property loses its situs within the City or its title is transferred to a new owner, the taxpayer shall from that time be relieved from personal property tax on such taxable property on a prorated basis. The taxpayer is entitled to receive a credit for taxes already paid towards taxable property newly transferred to the taxpayer, or a credit against any property taxes outstanding against the taxpayer on a prorated basis. If there be no tax liability against which the credit can apply, the Corm~issioner of the Revenue shall apply to the Director of Finance for a refund which can be made without further City Council action. No refunds will be paid while the owner of the taxable property has any delinquent tax account with, or liability to, the City of Portsmouth.