Tex.
Local Gov't Code Section 372.018
Interest on Assessment; Lien
(a)
An assessment bears interest at the rate specified by the governing body of the municipality or county beginning at the time or times or on the occurrence of one or more events specified by the governing body. If general obligation bonds, revenue bonds, time warrants, or temporary notes are issued to finance the improvement for which the assessment is assessed, the interest rate for that assessment may not exceed a rate that is one-half of one percent higher than the actual interest rate paid on the debt. Interest on the assessment between the effective date of the ordinance or order levying the assessment and the date the first installment is payable shall be added to the first installment. The interest on any delinquent installment shall be added to each subsequent installment until all delinquent installments are paid.(b)
An assessment or reassessment, with interest, the expense of collection, and reasonable attorney’s fees, if incurred, is:(1)
a first and prior lien against the property assessed;(2)
superior to all other liens and claims except liens or claims for state, county, school district, or municipality ad valorem taxes; and(3)
a personal liability of and charge against the owners of the property regardless of whether the owners are named.(c)
The lien is effective from the date of the ordinance or order levying the assessment until the assessment is paid.(d)
The lien runs with the land and that portion of an assessment payment that has not yet come due is not eliminated by foreclosure of an ad valorem tax lien.(e)
The assessment lien may be enforced by the governing body in the same manner that an ad valorem tax lien against real property may be enforced by the governing body. Foreclosure of accrued installments does not eliminate the outstanding principal balance of the assessment. Any purchaser of the property in foreclosure takes the property subject to the assessment lien and any associated obligations.(f)
Delinquent installments of the assessment shall incur interest, penalties, and attorney’s fees in the same manner as delinquent ad valorem taxes. The owner of assessed property may pay at any time all or any part of the assessment, with interest that has accrued on the assessment, on any lot or parcel.
Source:
Section 372.018 — Interest on Assessment; Lien, https://statutes.capitol.texas.gov/Docs/LG/htm/LG.372.htm#372.018 (accessed Jun. 5, 2024).
