Section 551. Entry by assessor of omitted real property on current assessment roll

1.  The assessor of any assessing unit,  upon  his  own
  motion  or  upon the application of any taxpayer therein, shall enter on
  the assessment  roll  of  the  current  year,  prior  to  the  tentative
  completion  thereof,  any  parcel  of  real  property shown to have been
  omitted from the assessment roll of the preceding year, at the valuation
  of that year, or if not then valued, at such valuation as  the  assessor
  shall  determine  for the preceding year. A special franchise assessment
  after apportionment  thereof  by  the  assessor,  if  necessary,  or  an
  assessment  of  state  land  subject  to taxation for the preceding year
  which is less than the assessment thereof approved by the  state  board,
  shall be entered at the valuation determined by the state board.
    2.   Real property assessed pursuant to this section shall be taxed at
  the tax rate or tax rates for the preceding year.  The amount of tax  or
  taxes  levied  pursuant  to  this  section  shall  be  deducted from the
  aggregate amount of taxes to be levied for the current year.