11 GCA § 24314: Property Not Previously Assessed.

(a) If any property has escaped assessment in one or more prior years and is owned or claimed by the same person who owned or claimed it during such prior year or years, the assessor shall assess the property at its value on the first Monday in March of every such year.

(b) Property which has previously escaped assessment shall be treated as property regularly assessed on the roll on which it is entered, but the entry of the assessment shall be followed with “escaped assessment for year ________”.