SECTIONS 501-506 - California Statutes

REVENUE AND TAXATION CODE

SECTION 501-506

501. If after written request by the assessor, any person fails to
comply with any provision of law for furnishing information required
by Sections 441 and 470, the assessor, based upon information in his
possession, shall estimate the value of the property and, based upon
this estimate, promptly assess the property.

502. If any person willfully conceals, fails to disclose, removes,
transfers or misrepresents tangible personal property to evade
taxation which results in an assessment lower than that which would
otherwise be required by law, the assessor on discovery shall assess
the property in the lawful amount and impose the penalty provided for
in Section 504.

503. If any taxpayer or the taxpayer's agent through a fraudulent
act or omission causes, or if any fraudulent collusion between the
taxpayer or the taxpayer's agent and the assessor or any of the
assessor's deputies causes, any taxable tangible property to escape
assessment in whole or in part, or to be underassessed, the assessor
shall assess the property in the lawful amount and add a penalty of
75 percent of the additional assessed value so assessed.

504. There shall be added to any assessment made pursuant to
Section 502, except those assessments as are placed on the current
roll prior to the time it is originally completed and published, a
penalty of 25 percent of the additional assessed value so assessed.

505. The assessor shall make an assessment subject to penalty by
entering on the local roll the assessment and penalty in such form
and manner as prescribed by the board.

506. The tax rate applicable to any assessment made pursuant to
this article shall be the tax rate to which the property would have
been subject if it appeared upon the roll in the year when it should
have been lawfully assessed. To the tax there shall be added interest
at the rate of three-fourths of 1 percent per month from the date or
dates the taxes would have become delinquent if they had been timely
assessed to the date the additional assessment is added to the
assessment roll.