What is the purpose of the Omitted Assessment list?

The purpose of the Omitted Assessment list is to completely document properties that were missed and are not on the tax list. This list serves as a crucial tool for ensuring that all taxable properties within a jurisdiction are accounted for and assessed appropriately. When properties are omitted from the tax list, it could mean potential revenue losses for the municipality, as these properties are not contributing to the local tax base.

By identifying these omitted properties, assessors can ensure they are properly assessed and added to the tax rolls for future tax years, thereby maintaining equitable taxation practices. This aligns with the overall goal of fairness in taxation, as it ensures that existing taxpayers are not unfairly burdened by the revenue shortfall created by omitted properties.

The other options do not correctly encapsulate the primary function of the Omitted Assessment list. For instance, reassessing properties or updating tax rates involves different processes and mechanisms that are not the focus of the Omitted Assessment list. Similarly, accounting for changes in tax laws pertains to legislative updates, rather than the specific documentation of properties that were previously unlisted.