Omitted property; rate of assessment; interest
Sec. 40. When the department of local government finance
assesses distributable property which was omitted from the
assessment for a particular year, the department shall, as nearly as
possible, assess the omitted distributable property in the same
manner that the department assesses other distributable property. The
taxes due on the omitted distributable property shall be calculated by
using the same tax rates which were applicable for the tax year that
the distributable property was omitted from the assessment. The
public utility company shall pay interest on the taxes due on the
omitted distributable property at the rate of two percent (2%) per
month, or fraction of a month. The interest due shall be calculated on
the period of time beginning with January 1 of the year following the
year in which the property was omitted from the assessment and
ending with the day the taxes are paid. However, the department of
local government finance may waive any portion of the interest due
under this section at the time the department makes its final
assessment of the omitted distributable property.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by P.L.64-1983,
SEC.3; P.L.90-2002, SEC.85.
Last modified: May 28, 2006