What types of changes are recorded on the Omitted Assessment list?

The Omitted Assessment list is specifically used to document properties or assessments that should have been included on the tax rolls but were inadvertently left off. This typically includes rollbacks, which are the adjustments made when properties were not assessed correctly in the prior years, and missing line items that pertain to property that should have been assessed but were not, resulting in tax revenue loss.

While renovations and new constructions are relevant to property assessments, they are normally captured through regular assessment procedures and are not specifically categorized under the Omitted Assessment list. Similarly, market value adjustments reflect changes in property values due to market dynamics but do not fall under the omitted category since they pertain to properties that are already on the tax rolls.

Therefore, emphasizing the role of the Omitted Assessment list in capturing rollbacks and missing line items highlights its function in ensuring all taxable properties are accounted for appropriately in tax assessments. This reinforces the importance of accurate record-keeping in property taxation and revenue generation for municipalities.