The tax collector or tax commissioner shall waive the collection of any amount due the taxing authorities for which taxes are collected, when such amount represents a penalty or an amount of interest assessed for
failure to comply with the laws governing the assessment and collection
of ad valorem taxes, if:
(1) The tax collector or tax commissioner determines that the default giving rise to such penalty or interest was due to a taxpayer’s military service in the armed forces of the United States in an area designated by the President of the United States by executive order as a combat zone and not due to gross or willful neglect or disregard of the law or of regulations or instructions issued pursuant to the law; and
(2) The taxpayer makes full payment of taxes due, not including penalties and interest, within 60 days of such taxpayer’s return from
such military service.