(a) The authority or management company shall assess each assessable property within the district by multiplying the total service and improvement cost as reflected in the adopted budget for each year (less any allocated surplus or estimated revenue from other sources) by the ratio of the amount of such assessable property's assessment base to the total amount of the assessment base for all assessable properties in the district or, if the district is divided into assessment zones, in the respective assessment zone; provided, that in all cases the assessment base shall be the one designated in the enabling ordinance by the municipality to fund the district; and provided further, that notwithstanding the above, the authority or management company shall have the power to impose an assessment of a minimum amount; and provided further, that notwithstanding the above, the authority or management company may impose a lower rate or minimum amount of assessment on properties owned by organizations exempt from the municipality's real property tax if the municipality has chosen not to exempt such properties from the district.
(b) The authority or management company may by resolution authorize the payment of such assessment in annual, or more frequent, equal installments, over such time and bearing interest at such rate as may be specified in such resolution.
(c) All assessments imposed by an authority shall constitute a lien on each property so assessed, the nonpayment of which shall be collectable in the same manner as the collection of a property tax delinquency by the municipality in which the district lies. No action taken to enforce a claim by the authority or management company for any annual payment or installment payment shall affect the status of any subsequent installment of the same or the next assessment, each of which shall constitute a lien upon the property.