(1) When in the judgment of the director of revenue it is necessary, audits may be made for the purpose of determining the taxable value of net proceeds of mines and all other types of property subject to ad valorem taxation.
(2) The department may conduct reviews of the assessment of all commercial personal property to ensure that the value of the property in those classes reflects market value. Because the assessed value of commercial personal property is defined as market value under 15-8-111 (2), the review conducted by the department may be directed toward ensuring that all taxable personal property is reported to the department.
(3) The cost of any audit or review performed under subsection (1) or (2) must be paid by the department.