HARRY HUGHES, Governor

297

(C)  WHEN TAXED.

(1)  WHEN ESCAPED PROPERTY IS ASSESSED IT IS PLACED ON
THE ASSESSMENT ROLL AND TAX ROLL AND IS SUBJECT TO PROPERTY TAX
FOR:

(I)  THE CURRENT TAXABLE YEAR; AND

(II)  NOT MORE THAN 3 PREVIOUS TAXABLE YEARS.

(2)  THE COUNTY TAX IMPOSITION FOR EACH COUNTY OR
MUNICIPAL CORPORATION TAX IMPOSITION FOR EACH MUNICIPAL
CORPORATION SHALL BE DEEMED TO HAVE COVERED ALL PROPERTY THAT WAS
NOT ASSESSED BUT WHICH SHOULD HAVE BEEN ASSESSED FOR THE YEAR
THAT ANY COUNTY OR MUNICIPAL CORPORATION TAX WAS IMPOSED.

(D)  INACCURATELY REPORTED PERSONAL PROPERTY.

IF PERSONAL PROPERTY IS ASSESSED AT LESS THAN ITS VALUE AS A
RESULT OF THE OWNER INACCURATELY REPORTING THE VALUE OF THE
PROPERTY, THE UNDERASSESSED PART OF THE PROPERTY SHALL BE TREATED
AS ESCAPED PROPERTY.

REVISOR'S NOTE:. This section is new language derived
without substantive change from former Art. 81, §§ 34
and 34A(a).

Subsection (a) of this section is revised as a
definition of "escaped property", for clarity.

In subsection (b) of this section, the phrase
"[notwithstanding § 8-418 of this subtitle" is added
for clarity.

In subsection (c)(1) of this section, the reference to
escaped property being taxed "in the same manner as
other property is subject to taxation" is deleted as
superfluous.

In subsection (c)(2) of this section, the former
reference to the levy "by the county commissioners of
the several counties and by any city" is deleted as
superfluous.

i
In subsection (d) of this section, the phrase "less
than its value" is substituted for the former phrase
"at a lower valuation than it would have been had it
been reported accurately", for brevity and clarity.

Also in subsection (d) of this section, the word
"owner" is substituted for the former word "taxpayer",
for clarity.

Also in subsection (d) of this section, the reference
to "reporting" the value is substituted for the former