Section 11317 Of Article 4. Estimated And Escaped Assessments From California Revenue And Taxation Code >> Division 2. >> Part 6. >> Chapter 2. >> Article 4.
11317
. (a) An escape assessment shall be entered on the current
private railroad car tax record, and if this is not the record for
the year in which the property escaped assessment, the entry shall be
followed with "escape assessment for year 20__." The property shall
be assessed at the same value and taxed at the same rate as it would
have been assessed and taxed had it not escaped.
(b) If the assessments are made as a result of an audit that
discloses that property assessed to the party audited has been
incorrectly assessed for a past tax year for which taxes have been
paid and a claim for refund is not barred by Section 11553, the tax
refunds, including applicable interest under Section 11555, resulting
from the incorrect assessments shall be an offset against proposed
tax liabilities, including accumulated penalties and interest,
resulting from escaped assessments for any tax year covered by the
audit. If the refunds exceed any proposed tax liabilities, including
penalties and interest, the excess shall be processed in accordance
with Section 11551.
(c) Beginning with the 1981-82 fiscal year, assessments for the
current year and escape assessments for prior years shall be entered
using a 100-percent assessment ratio and the tax rates for years
prior to the 1981-82 fiscal year shall be divided by four.