7-32-133 - Date assessments due Installment payments.
7-32-133. Date assessments due Installment payments.
(a) All assessments levied by virtue of this chapter shall be due and payable within thirty (30) days after the assessment is made final pursuant to § 7-32-125; but at the election of the property owner, to be expressed by notice as provided in § 7-32-134, the assessment may be paid in five (5) annual installments, and shall bear interest at the rate of six percent (6%) per annum, interest payable semiannually.
(b) For an assessment levied pursuant to § 7-32-115(b), the municipality may permit payment of the assessment in installments, made not more frequently than monthly and amortized for a period not to exceed thirty (30) years from the date of acquisition and accruing interest at a rate to be determined by the municipality; however, the interest rate shall not exceed the maximum rate of interest permitted by law. Property owners at the time of the initial assessment shall enter into a written agreement detailing the terms of the installment payments pursuant to § 7-32-134.
[Acts 1913 (1st E.S.), ch. 18, § 7; Shan., § 1991a29; Acts 1921 Private, ch. 526, § 1; mod. Code 1932, § 3436; T.C.A. (orig. ed.), § 6-1133; Acts 2007, ch. 493, § 8; 2009, ch. 489, § 5.]