§ 153A‑200. Enforcement of assessments; interest; foreclosure; limitations.
(a) Any portion of an assessment that is not paid within 30 daysafter the day that notice of confirmation of the assessment roll is publishedshall, until paid, bear interest at a rate to be fixed in the assessmentresolution. The maximum rate at which interest may be set is eight percent (8%)per annum.
(b) If an installment of an assessment is not paid on or beforethe due date, all of the installments remaining unpaid immediately become due,unless the board of commissioners waives acceleration. The board may waiveacceleration and permit the property owner to pay all installments in arrearstogether with interest due thereon and the cost to the county of attempting toobtain payment. If this is done, any remaining installments shall be reinstatedso that they fall due as if there had been no default. The board may waiveacceleration and reinstate further installments at any time before foreclosureproceedings have been instituted.
(c) A county may foreclose assessment liens under any procedureprovided by law for the foreclosure of property tax liens, except that (i) liensales and lien sale certificates are not required and (ii) foreclosure may bebegun at any time after 30 days after the due date. The county is not entitledto a deficiency judgment in an action to foreclose an assessment lien. The lienof special assessments is inferior to all prior and subsequent liens for State,local, and federal taxes, and superior to all other liens.
(d) No county may maintain an action or proceeding to forecloseany special assessment lien unless the action or proceeding is begun within 10years from the date that the assessment or the earliest installment thereofincluded in the action or proceeding became due. Acceleration of installmentsunder subsection (b) of this section does not have the effect of shortening thetime within which foreclosure may be begun; in that event the statute oflimitations continues to run as to each installment as if acceleration had notoccurred. (1963, c. 985, s.1; 1965, c. 714; 1973, c. 822, s. 1.)
§ 153A‑200. Enforcement of assessments; interest; foreclosure; limitations.
(a) Any portion of an assessment that is not paid within 30 daysafter the day that notice of confirmation of the assessment roll is publishedshall, until paid, bear interest at a rate to be fixed in the assessmentresolution. The maximum rate at which interest may be set is eight percent (8%)per annum.
(b) If an installment of an assessment is not paid on or beforethe due date, all of the installments remaining unpaid immediately become due,unless the board of commissioners waives acceleration. The board may waiveacceleration and permit the property owner to pay all installments in arrearstogether with interest due thereon and the cost to the county of attempting toobtain payment. If this is done, any remaining installments shall be reinstatedso that they fall due as if there had been no default. The board may waiveacceleration and reinstate further installments at any time before foreclosureproceedings have been instituted.
(c) A county may foreclose assessment liens under any procedureprovided by law for the foreclosure of property tax liens, except that (i) liensales and lien sale certificates are not required and (ii) foreclosure may bebegun at any time after 30 days after the due date. The county is not entitledto a deficiency judgment in an action to foreclose an assessment lien. The lienof special assessments is inferior to all prior and subsequent liens for State,local, and federal taxes, and superior to all other liens.
(d) No county may maintain an action or proceeding to forecloseany special assessment lien unless the action or proceeding is begun within 10years from the date that the assessment or the earliest installment thereofincluded in the action or proceeding became due. Acceleration of installmentsunder subsection (b) of this section does not have the effect of shortening thetime within which foreclosure may be begun; in that event the statute oflimitations continues to run as to each installment as if acceleration had notoccurred. (1963, c. 985, s.1; 1965, c. 714; 1973, c. 822, s. 1.)
§ 153A‑200. Enforcement of assessments; interest; foreclosure; limitations.
(a) Any portion of an assessment that is not paid within 30 daysafter the day that notice of confirmation of the assessment roll is publishedshall, until paid, bear interest at a rate to be fixed in the assessmentresolution. The maximum rate at which interest may be set is eight percent (8%)per annum.
(b) If an installment of an assessment is not paid on or beforethe due date, all of the installments remaining unpaid immediately become due,unless the board of commissioners waives acceleration. The board may waiveacceleration and permit the property owner to pay all installments in arrearstogether with interest due thereon and the cost to the county of attempting toobtain payment. If this is done, any remaining installments shall be reinstatedso that they fall due as if there had been no default. The board may waiveacceleration and reinstate further installments at any time before foreclosureproceedings have been instituted.
(c) A county may foreclose assessment liens under any procedureprovided by law for the foreclosure of property tax liens, except that (i) liensales and lien sale certificates are not required and (ii) foreclosure may bebegun at any time after 30 days after the due date. The county is not entitledto a deficiency judgment in an action to foreclose an assessment lien. The lienof special assessments is inferior to all prior and subsequent liens for State,local, and federal taxes, and superior to all other liens.
(d) No county may maintain an action or proceeding to forecloseany special assessment lien unless the action or proceeding is begun within 10years from the date that the assessment or the earliest installment thereofincluded in the action or proceeding became due. Acceleration of installmentsunder subsection (b) of this section does not have the effect of shortening thetime within which foreclosure may be begun; in that event the statute oflimitations continues to run as to each installment as if acceleration had notoccurred. (1963, c. 985, s.1; 1965, c. 714; 1973, c. 822, s. 1.)
