Any private water company which is owed rates or charges for connection with or for the use of its water system and such rates or charges are not paid when due has a lien on the real estate served and a charge against the owners of such real estate from the date the rates or charges were due, provided the owner of such real estate when the lien is recorded is the party that owes such rates or charges. The lien and charge shall bear interest at the rate of eighteen per cent per annum so long as the rates or charges remain unpaid. The lien may be recorded and released in the manner provided for recording and releasing tax liens. The lien shall not continue for more than one year after the date the rates or charges were due, unless the secretary of the company, before the expiration of that year, has filed a certificate of continuation of the lien in the manner provided by law for the continuance of tax liens. When continued the lien shall be valid for fourteen years thereafter. The lien shall take precedence over all other subsequently recorded liens or encumbrances except taxes and liens for assessments filed by an association of a common interest community under section 47-258 and may be foreclosed against the lot or building served in the same manner as a lien for taxes.