At the hearing on the assessment and apportionment, the governing body shall give full opportunity to hear any and all protests that may be urged against the levy of assessments for the cost of the improvement and shall have the right to hear witnesses until a full and complete hearing shall be had thereon. The protests shall be in writing, specifically setting forth the nature of the objection raised. After the conclusion of the hearing, the governing body shall adjudicate the objections and may make such order on the levy of assessments as may be just and proper. Any objection shall be deemed waived unless presented at the time and in the manner prescribed herein. Any owner of land liable to assessment shall have the right to institute an action to contest the validity of the amount of the assessment at any time within ten (10) days after the final adjudication thereof by the governing body, but no suit may be maintained to contest the validity or the amount of the assessment, or any other matter pertaining to the proposed improvement after the expiration of the ten-day period.