(1) When it appears to the municipal council that an improvement scheme is sufficiently advanced to enable the amount of the betterment fee to be determined, the municipal council shall, by a resolution passed in this behalf declare that for the purpose of determining such fee the execution of the scheme shall be deemed to have been completed and shall thereupon give notice in writing to every person on whom a notice in respect of land to be assessed has been served under sub-section (2) of section 157 or to the successor in interest of such person, that the municipal council proposes to assess the amount of the betterment fee payable in respect of such land under section 160.

(2) The municipal council shall then assess the amount of betterment fee payable by each person concerned after giving such person an opportunity to be heard and such person shall within three months from the date of receipt of notice in writing of such assessment from the municipal council, inform the municipal council in writing whether or not he accepts the assessment.

(3) When the assessment proposed by the municipal council is accepted by the person concerned within the period specified in sub-section (2), such assessment shall be final.