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