(1) Any assessment of tangible personal property listed with the property valuation administrator or with the department as provided by KRS 132.220 may be reopened by the department within five (5) years after the due date of the return, unless the assessed value has been established by a court of competent jurisdiction. If upon reopening the assessment the department finds that the assessment was less than the fair cash value and should be increased, it shall provide notice to the taxpayer. If the taxpayer disagrees with the increase in the assessment, the taxpayer may protest the notice in accordance with KRS 131.110.
(2) Upon the assessment becoming final, the department shall certify the amount due to the taxpayer. The tax bill shall be handled and collected as an omitted tax bill, and the additional tax shall be subject to the same penalties and interest as the tax on omitted property voluntarily listed.