Section 8. Assessments Made at Any Time Within Five Years.-- An assessment as herein provided may be made by the board at any time within five (5) years after any property owned, held or possessed or alleged to have been so owned, held, or possessed by any resident should have been returned by him for taxation, notwithstanding he shall have paid a tax assessed on the basis of returns previously made or filed, and notwithstanding the board shall have made previous assessments against such resident. In any such case no credit shall be given for any penalty formerly assessed and paid. Any assessment of a tax on personal property of a decedent shall include all property owned, held or possessed by the decedent, which should have been returned by him for taxation for any former year or years not exceeding five (5) years prior to the year in which the decedent died.
(8 amended June 14, 1961, P.L.369, No.202)