440.1 Assessment of omitted property.

When the director of revenue and finance is vested with the power and duty to assess property and an assessment has, for any reason, been omitted, the director shall proceed to assess the property at any time within two years from the date at which such assessment should have been made. The omitted assessment may apply to not more than the assessment year in which the omitted assessment is made and the prior assessment year. Chapter 429 shall apply to assessments of omitted property.

440.2 through 440.4

Repealed by 97 Acts, ch 158, § 48. See chapter 429.

440.5 Procedure--penalty.

If it is made to appear that the property is assessable by the director of revenue and finance as omitted property, the director shall proceed in the manner in which the director would have proceeded had the assessment not been omitted, except that the director shall find the value of the omitted property for each year during which it has been omitted but for not more than the two previous assessment years and shall add ten percent to each yearly value as a penalty.

440.6 Fraudulent withholding--penalty.

In case the property has been fraudulently withheld from assessment, the director of revenue and finance may, in addition to said ten percent add any additional percent, not exceeding fifty percent.

440.7 Entry on tax books.

Should an assessment be made at such time in the year that, in the opinion of the director of revenue and finance, said assessment cannot conveniently be entered on the current tax books, the director may direct that the assessment be entered on the first ensuing tax books.

440.8 Delinquency.

A tax based on said assessment shall be deemed delinquent from and after its entry on the tax books.