What does omitted property refer to in the context of property assessment?

Omitted property in the context of property assessment specifically refers to property that was not included or assessed on a previous assessment roll. This situation can arise due to administrative errors or oversights, leading to certain properties not being valued or taxed appropriately. When these properties are discovered, they can be added back to the assessment rolls, ensuring that all property owners contribute their fair share to the tax base.

The significance of identifying omitted property lies in the impact it has on the revenue of local governments and the fairness of the tax system. Addressing omitted property helps maintain equity among taxpayers, since failure to assess certain properties can result in increased tax burdens on assessed properties.

Other choices describe different scenarios that do not align with the definition of omitted property. For example, demolished property refers to assets that no longer exist, while property owned by multiple parties pertains to ownership structures rather than assessment status. Properties exempt from taxation are recognized under specific laws and typically do not contribute to the tax roll, which is again different from being simply omitted from the assessment.