California § 532 - Except as provided in subdivision (b), any assessment made pursuant to either Art

§ 532. Except as provided in subdivision (b), any assessment made pursuant to either Art

(a) Except as provided in subdivision (b), any assessment made pursuant to either Article 3 (commencing with Section 501) or this article shall be made within four years after July 1 of the assessment year in which the property escaped taxation or was underassessed. (b) (1) Any assessment to which the penalty provided for in Section 504 must be added shall be made within eight years after July 1 of the assessment year in which the property escaped taxation or was underassessed. (2) Any assessment resulting from an unrecorded change in ownership for which either a change in ownership statement, as required by Section 480 or a preliminary change in ownership report, as required by Section 480.3, is not timely filed with respect to the event giving rise to the escape assessment or underassessment shall be made within eight years after July 1 of the assessment year in which the property escaped taxation or was underassessed. For purposes of this paragraph, an “unrecorded change in ownership” means a deed or other document evidencing a change in ownership that was not filed with the county recorder’s office at the time the event took place. (3) Notwithstanding paragraphs (1) and (2), in the case where property has escaped taxation, in whole or in part, or has been underassessed, following a change in ownership or change in control and either the penalty provided for in Section 503 must be added or a change in ownership statement, as required by Section 480.1 or 480.2 was not filed with respect to the event giving rise to the escape assessment or underassessment, an escape assessment shall be made for each year in which the property escaped taxation or was underassessed. (4) Notwithstanding any other law, in the case where property that is owned by a community land trust and was previously exempt pursuant to Section 214.18 becomes subject to taxation pursuant to subdivision (d) of that section, any assessment made in the amount of an exemption, or that portion of the exemption, previously allowed pursuant to Section 214.18 shall be made within five years of the lien date following the date on which the property becomes subject to taxation. (c) For purposes of this section, “assessment year” means the period defined in Section 118.