Land and/or improvements that are subject to taxation but have escaped assessment because they are:
- inadvertently omitted from the tax rolls;
- assigned to the wrong parcel;
- assessed to the wrong tax payer;
- undervalued or omitted from the tax rolls because the taxpayer failed to report information required by statute; or
- undervalued because the taxpayer furnished incomplete or erroneous information.
Property that is undervalued ‘because of the use of a different valuation methodology; or because of a different application of the same valuation methodology’ is not ‘escaped property’.
