§ 551. Entry by assessor of omitted real property on current
assessment roll. 1. The assessor of any assessing unit, upon his own
motion or upon the application of any taxpayer therein, shall enter on
the assessment roll of the current year, prior to the tentative
completion thereof, any parcel of real property shown to have been
omitted from the assessment roll of the preceding year, at the valuation
of that year, or if not then valued, at such valuation as the assessor
shall determine for the preceding year. A special franchise assessment
after apportionment thereof by the assessor, if necessary, or an
assessment of state land subject to taxation for the preceding year
which is less than the assessment thereof approved by the commissioner,
shall be entered at the valuation determined by the commissioner.

2. Real property assessed pursuant to this section shall be taxed at
the tax rate or tax rates for the preceding year. The amount of tax or
taxes levied pursuant to this section shall be deducted from the
aggregate amount of taxes to be levied for the current year.