(1) The Council shall not levy assessments in an Economic Improvement District in any year that exceed one percent of the true cash value of all the real property located within the District.

(2) Any new owner of benefitted property or any owner of benefitted property that was exempted from assessment may subsequently agree to the assessment of the property. The Council shall apply the assessment formula to the property and apportion the costs to the property for the remaining time in which the assessment is levied.

(3) The assessed property may not be relieved from liability for that assessment for any reason including change of ownership.