(1) If the Director of the Department of Revenue determines that any real or personal property that is assessable by the Department of Revenue under ORS 308.505 to 308.674 has not been assessed on the assessment roll for the year in which the roll was last certified or on the roll for any prior year that does not exceed five years prior to the year for which the last roll was certified under ORS 308.621, the department shall give the notice prescribed in ORS 308.632 to the person or company in whose name the omitted property is to be assessed.
(2) Property shall be presumed to be omitted property subject to assessment under ORS 308.505 to 308.674 whenever the department discovers or receives credible information that:
(a) The addition of any building, structure, improvement, machinery, equipment or other asset was not reported in a statement filed under ORS 308.524;
(b) The cost, as of the assessment date, of any building, structure, improvement, machinery, equipment or other asset reported in a return required by the department exceeds the cost stated in the statement filed under ORS 308.524; or
(c) Any item listed in ORS 308.525 or under rules adopted to implement ORS 308.525 was underreported in the statement filed under ORS 308.524.
(3) ORS 308.624 (4) does not apply to the addition of omitted property under subsection (1) of this section.