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.]