Interest and penalties

In case of failure to pay an assessment or installment provided for under this part on or before the date prescribed by the governing body for such payment, there is added to the assessment both interest of one percent (1%) per month and a penalty of one percent (1%) per month of the amount of such assessment or installment. Added by 2024 Tenn. Acts, ch. 860,s 1, eff. 5/1/2024. In case of failure to pay an assessment or installment provided for under this part on or before the date prescribed by the governing body for such payment, there is added to the assessment both interest of one percent (1%) per month and a penalty of one percent (1%) per month of the amount of such assessment or installment. Added by 2024 Tenn. Acts, ch. 860,s 1, eff. 5/1/2024.