What is the purpose of the omitted assessment procedure?

The omitted assessment procedure serves the important purpose of placing omitted assessments on tax rolls due to errors that may have occurred in the evaluation or assessment of properties. This procedure is utilized to correct past discrepancies, ensuring that properties that should have been assessed for taxation are identified and placed on the tax rolls. Essentially, it ensures that the tax base accurately reflects the value of all taxable properties, promoting fairness and equity in property taxation. By correcting these errors, municipalities can secure the revenue necessary for public services and operational funding that is derived from property taxes. This process helps maintain the integrity and accuracy of the overall taxation system within a jurisdiction.