Tennessee § 7-84-413 - Levy and payment of assessments — Interest — Installments.

§ 7-84-413. Levy and payment of assessments — Interest — Installments.

The assessment on each property shall be levied at one (1) time in the ordinance provided for in § 7-84-412. The governing body may provide in such ordinance levying the assessment that all or such portion of the assessment as is designated in the ordinance may be paid in equal installments over a period of time, not exceeding thirty (30) years from the effective date of the ordinance levying the installment. Installments may be payable at least annually, but may be payable at more frequent intervals, as provided by the ordinance levying the assessment, and the governing body shall determine the method of collection. Where the assessment is payable in installments, the ordinance may provide that the unpaid balance of the assessment, from time to time, shall bear interest at a rate or rates not in excess of ten percent (10%) per annum from the effective date of such ordinance or from such other date as may be specified in the ordinance, until due. Interest may be paid in addition to the amount of each installment annually, or at more frequent intervals, as provided in the ordinance levying the assessment. Acts 1971, ch. 268, § 27; T.C.A., § 6-3927; Acts 2007, ch. 494, § 12. Compiler's Notes. Acts 2007, ch. 494, § 14 provided that the act shall apply to central business improvement districts already in existence and any districts that hereinafter may be created. Cross-References. Delinquent interest rate, § 7-84-415 . Penalty for late payment of assessment or installment, § 7-84-418 .