Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2011
 

Revenue and Taxation Code

Property Taxation

Part 2. Assessment

Chapter 3. Assessment Generally

Article 4. Property Escaping Assessment

Section 531.5

531.5. Escaped property; business inventory exemption. If a business inventories exemption has been incorrectly allowed because of erroneous or incorrect information submitted by the taxpayer or his agent misclassifying as business inventories property not includible in "business inventories," as that term is defined in Section 129, an escape assessment in the amount of the exemption shall be made on discovery of the error. Interest shall be added to the assessment in the amount and manner provided by Section 506. If the exemption was incorrectly allowed because of erroneous or incorrect information submitted by the taxpayer or his agent with knowledge that such information was erroneous or incorrect, the penalty provided in Section 504 shall be added to the assessment.

History.—Added by Stats. 1969, p. 630, in effect June 27, 1969. Stats. 1969, p. 3119, in effect September 6, 1969, substituted "one-half of 1" for "1/2" percent. Stats. 1981, Ch. 261, in effect January 1, 1982, deleted "at the rate of one-half of 1 percent per month, computed" after "assessment" and added "amount and" before "manner" in the second sentence.