§ 37-13-119 — Payment of assessment

The amount of the assessment is due and collectible without
demand within thirty (30) days after the final publication of
the assessment resolution and if it is not paid within such time
it shall commence to bear interest at a rate fixed by the
governing body. The published resolution shall specify the date
when interest will commence, the rate of interest, and the
period of years over which installment payments may be made. If
not paid within the thirty (30) days allowed, it will be
conclusively presumed that the owner exercises the right to pay
the amount due in equal annual installments bearing interest at
the rate specified in the resolution and extending over the
period of years not exceeding ten (10) specified in the
resolution. The first installment shall become due one (1) year
from the date when interest commenced and one (1) installment
shall become due on the same day of the same month annually
thereafter.