7-84-528 - Penalty for late payment. - Tennessee Statutes

7-84-528. Penalty for late payment.

In case of failure to pay any assessment or installment provided for under this part on or before the date prescribed by the governing body for such payment, there shall be 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.

[Acts 1990, ch. 808, § 4; 1993, ch. 459, § 2.]