If it is made to appear that said property is assessable by the director of revenue and finance as omitted property, the director shall proceed in the manner in which the director would have proceeded had the assessment not been omitted, except that the director shall find the value of such omitted property for each year during which it has been omitted and shall add ten percent to each yearly value as a penalty.
[C27, 31, 35, § 7105-a5; C39, § 7105.5; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 440.5]
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