New business license taxes payable pursuant to this chapter shall be payable on a yearly basis (commencing on the date of issuance and expiring one year later on the same date). Taxes for existing business licenses payable pursuant to this chapter shall be payable on a calendar year basis (commencing January 1st of any one year and expiring December 31st the same year) such that, irrespective of the date of issuance of the existing business license for which a license tax is payable, said license shall expire at twelve o’clock midnight on December 31st of the calendar year for which the business license is issued. (Ord. 635; Ord. 473 §1, 2002).