Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014

Property Tax Annotations

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Annotation 755.0075

755.0075 Penalty and Interest Calculations. When audit results indicate there has been taxpayer reporting that caused the Board to overvalue and undervalue certain properties, only the net value added as an escape assessment to the roll should be used as the basis for calculating penalty and interest. An amount in lieu of interest shall be calculated as provided in Revenue and Taxation Code section 864, and imposed on the escape assessment only to the extent that the escape exceeded errors not caused by taxpayer errors and Board errors involving an erroneous opinion of value. C 11/2/1989.