Penalty for late payment of assessment or installment

In case of failure to pay any assessment, or installment, on or before the date prescribed by the governing body for such payment, there shall be added to the assessment a penalty of one-half of one percent (0.5%) per month of the amount of such assessment or installment. Acts 1971, ch. 268, § 32; T.C.A., § 6-3932. In case of failure to pay any assessment, or installment, on or before the date prescribed by the governing body for such payment, there shall be added to the assessment a penalty of one-half of one percent (0.5%) per month of the amount of such assessment or installment. Acts 1971, ch. 268, § 32; T.C.A., § 6-3932.