What is the time frame covered by rollback taxes in relation to omitted assessments?

Rollback taxes in relation to omitted assessments are applicable for a period of 12 months. This timeframe is established to ensure that property owners are held accountable for any taxes that are due on properties that have not been assessed correctly or have been overlooked. The 12-month period allows tax authorities to collect taxes that are owed for any prior year in which property was not adequately assessed, thereby providing a fair method for addressing omissions without being overly punitive.

It is essential to note that this 12-month limit creates a balance between the need for the municipality to collect due taxes and the rights of property owners to have some predictability regarding their tax liability. This specific period reflects the legislation’s intent to provide a structured approach for the assessment and collection of property taxes while still encouraging accurate and timely reporting by property owners and assessors alike.

The other time frames provided in the choices do not align with the established rules regarding rollback taxes, which reinforces the importance of understanding the proper duration for these assessments.