Escaped assessments.

(1) Where the tax in respect of any land or building, or any portion thereof has, for any reason, escaped assessment, the Property Tax Commissioner may, after complying with the provisions of sections 7, 8 and 9 assess the tax in respect thereof : Provided that no assessment of the tax for any period beyond five years preceding the year of assessment shall be made by the Property Tax Commissioner. (2) Where the tax in respect of any land or building has been assessed under sub-section (1), the assessment list shall be modified accordingly.