A. The tax collector shall collect the taxes on all property when it is determined by the assessor, that said taxes are not a lien on real property or that the real property is insufficient to secure the payment of the taxes.

B. The taxes on all assessments of unsecured personal property, leasehold improvements and possessory interest shall be immediately due and payable upon assessment, and shall be collected by the tax collector as provided in Sections 3.28.005 through 3.28.645.

C. In the event of the failure or neglect of any person to return to the assessor for taxation any property between the first Monday in March and five p.m., on the last Monday in June of any year, such property when discovered by the assessor to have escaped taxation for such year, if such property is in the ownership or under the control of the same person who owned or controlled it on the first Monday of March, shall be immediately assessed, and the entry thereof shall be made upon the assessment roll of the succeeding year.

D. If the personal property is discovered and assessed after the last Monday in June such entry shall be followed by the words penalty for failure to return within the time required by law, and thereupon a penalty equal to ten percent of the tax shall attach to the tax so levied; provided, however, that in no case shall such penalty be less than fifty cents.

E. The authority granted to the assessor to assess property which has escaped taxation and to enter the same upon the assessment roll of the year following that in which it should have been assessed shall be limited to a period of not more than two years from the date upon which the lien for taxes of such year attached, and the authority to seize and sell such property for the nonpayment of such tax shall be extended for a like period of time. (Prior code § 6.04.1030)