(1) After the assessment of the market value and determination of the amount of tax under sections 10, 11, 13, 15 or 15-B, the prescribed officer shall cause a notice of demand to be served on the assessee. Such notice shall specify the amount of tax payable by the assessee and shall contain such other particulars as may be prescribed. (2) The notice referred to in sub-section (1) shall call upon the assessee to pay the tax specified therein within such time and subject to such conditions in such instalments as may be prescribed. (3) In default of the payment of tax payable under sub-section (2) or of penalty under section 16-A or 17, the amount of tax or penalty 31including interest under section 17-A shall be recoverable as an arrear of land revenue. (4) In respect of the tax payable for each year a separate notice of demand shall be served on the assessee. (5) If no assessment has been made under section 10, 11 or 13 the owner shall continue to pay the amount of tax due according to the return under section 7 or 13 for every year in advance on or before the last day of June or at his option, in two equal instalments payable on or before the last day of June and December until assessment is made.