(A) Assessments that are imposed pursuant to this title shall run with the land until paid and are due and payable as follows:
(1) Assessments of less than $500 shall be paid within 1 year after the assessment is recorded.
(2) Assessments of $500 or more, but less than $1,000, shall be paid within 2 years after the assessment is recorded.
(3) Assessments of $1,000 or more, but less than $5,000, shall be paid within 3 years after the assessment is recorded.
(4) Assessments of $5,000 or more, but less than $10,000, shall be paid within 6 years after the assessment is recorded.
(5) Assessments of $10,000 or more shall be paid within 10 years after the assessment is recorded.
(B) Each assessment shall contain a payment schedule which requires payment of the assessment over the above time periods in substantially equal yearly installments.
(C) An assessment that is past due shall accrue interest at the legal rate as prescribed by A.R.S. § 44-1201, as may be amended from time to time.
(Ord. 2019-864, passed 7-23-2019)