Revenue and Taxation Code section 502

If any person willfully conceals, fails to disclose, removes, transfers or misrepresents tangible personal property to evade taxation which results in an assessment lower than that which would otherwise be required by law, the assessor on discovery shall assess the property in the lawful amount and impose the penalty provided for in Section 504.

Source: Section 502, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=RTC§ionNum=502.­ (updated Jan. 1, 1967; accessed Jun. 9, 2025).

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Verified:
Jun. 9, 2025

§ 502’s source at ca​.gov