(1) All special assessments or installments of special assessments in cities and towns, duly and regularly levied by resolution according to law, shall be payable in installments as follows:
(a) one-half of the payment on or before 5 p.m. on November 30 of each year; and
(b) one-half of the payment on or before 5 p.m. on May 31 of the following year.
(2) In the event the same are not paid on or before said dates, the same shall be subject to the same interest and penalties for nonpayment as delinquent property taxes under 15-16-102.