(a) An assessment under Code Section 36-42-16 that relates to any project described in subparagraph (B) of paragraph (6) of Code Section 36-42-3 shall be levied and may be collected when:

(1) A written contract regarding such assessment is executed by the property owner, the authority, and the project administrator;

(2) Such contract is administratively acknowledged by the relevant local jurisdiction with the taxing authority; and

(3) A notice of assessment is recorded in the property records of the relevant local jurisdiction.

(b) A lien for any assessment under Code Section 36-42-16 that relates to any project under subparagraph (B) of paragraph (6) of Code Section 36-42-3 shall have the same priority as municipal liens under paragraph (4) of subsection (b) and subparagraph (g)(2)(B) of Code Section 48-2-56.