1. (a) After any personal property that is subject to assessment by § 8-417(d) of this subtitle as escaped property is assessed, the Department shall determine if:

   1. (1) the owner failed to report accurately the cost or other information as to the escaped property; and
   2. (2) the failure to report accurately caused the escaped property to be assessed at less than its value.

2. (b)

   1. (1) Notice of the assessment of escaped property under § 8-417(d) of this subtitle and the imposition of any penalty under § 14-705 of this article shall be given as provided by § 14-402 of this article.

   2. (2) The notice shall separately state:

      1. (i) the assessment of the escaped property; and
      2. (ii) the penalty imposed under § 14-705 of this article.

Added by Acts 1985, c. 8, § 2, eff. Feb. 1, 1986. Amended by Acts 1986, c. 171; Acts 2002, c. 120, § 1, eff. Oct. 1, 2002.

Formerly Art. 81, § 34A.