Agenda - 05-15-1990 - Laserfiche WebLink

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3 MACHINERY ACT OF NORTH CAROLINA 1989 Edition § 105 -312. Discovered property; appraisal; penalty. (a) Definitions. —For purposes of this Subchapter: « (1) The phrase discovered property" shall include property that was not listed by the taxpayer or any other person during a regular listing period and also property that was listed but with regard to the value, quantity, or other mea- surement of which the taxpayer made a substantial under- statement in .listing. (2) The phrase "failure to list property" shall include both the omission to list property during a regular listing period and the taxpayer's substantial understatement of value, . - -= quantity, or other measurement with regard to property listed. � : �:� - � - - _ .::- .. .•. -� -� . _..r.- :...,: _.:_ ... .... (3) The phrase "to discover property" shall refer to the�determi- nation that property has not been listed during a regular listing period and to the identification of the omitted item. For discoveries made after July 1, 1971 and in future years, the phrase shall also refer to the determination that listed property was returned by the taxpayer with a sub- stantial understatement of value, quantity, or other mea- surement. (4) The phrase "substantial understatement" aomission of e - definitions shall be interpreted to mean s material portion of the value, quantity, or other measure- :ment of taxable property; the determination of materiality in each case shall be made by the assessor, subject to the taxpayer's right to review of the determination by - the - county board of equalizati on. and review or board of com- missioners and appeal to the Property Tax Commission. (b) Duty to Discover and Assess Unlisted Property. --- It shall be the duty of the assessor to see that all property not properly listed 111