To pay all or any part of the principal or interest on or to retire any outstanding bonds issued under Part II of this subtitle, the municipal authority may levy an annual front–foot assessment against any property that abuts on any street, road, alley, or right–of–way in which a water pipe, sewer, or drain is laid, or from which refuse is collected. To set front–foot assessment rates, the municipal authority may: Classify any property according to its use; Determine a fair and reasonable frontage length for: Any corner lot fronting on more than one street; Any irregular shaped lot fronting on more than one street; Any shallow lot fronting on more than one street; Any agricultural property; or Any small acreage; and Change the classifications or the front–foot assessment rates from year to year, but the rate for all property assessed in the municipality for any year shall be uniform within each classification. The municipal authority shall notify each owner of assessed property in writing as to: The classification of the property; The amount of the assessment; and The time and place for a hearing on the classification of the property and the benefit charges assessed against the property. The classification of the property and the benefit charges assessed against the property shall be final, subject only to modification at the hearing. The benefit charges are in default if not paid within 60 days after the date of levy. The levy bears interest at the rate of 1 percent a month for each month after the time the benefit charges are in default. The front–foot assessment charges are a first lien on the assessed property, subject only to prior State and county charges. The municipal authority may enforce the lien by filing in an appropriate court a complaint for a judgment against the property owner and for execution on the judgment. The municipal authority may provide terms for the extinguishment by property owners of annual front–foot benefit charges, if the extinguishment arrangement provides for the necessary payments on the outstanding bonds.