What is the term used for when properties are retroactively assessed for taxation?

The term "Omitted Assessment" refers specifically to the practice of retroactively assessing properties for taxation when a property was not properly included in the tax rolls for previous tax years. This can happen when properties are newly constructed or when there is a change in ownership that was not recorded by the local taxing authority. The purpose of an omitted assessment is to ensure that all properties contribute their fair share to the tax base, filling in gaps that may exist due to oversight or administrative errors.

In a typical scenario, if a property was built or had a significant change that affected its value but was not identified and taxed in the year of change, an omitted assessment would allow the taxing authority to apply the tax retroactively for those years in which the property was not assessed. This ensures that the property owner is held accountable for taxes due for prior periods.

While other terms like "Rollback Assessment," "Retroactive Taxation," and "Deferred Assessment" may describe different aspects of taxation or adjustments to assessment values, they do not specifically denote the act of retroactively assessing properties that have been omitted from the tax rolls. Each of those terms has its own distinct meaning and application in taxation processes, making "Omitted Assessment" the most accurate choice for the described scenario.