What is the penalty assessed for a late correction under Section 25.25(d)?

The correct answer reflects the specific provisions set forth in Section 25.25(d) regarding the penalties for late corrections. Under this section, if a property owner fails to file a correction on time, a penalty of 10% of the total tax amount is assessed. This penalty serves as a deterrent against the habitual delay in filing corrections and encourages timely submissions of tax adjustments.

Understanding this context is crucial for anyone involved in property tax consulting, as it helps ensure that clients are aware of the financial implications of missing deadlines for tax corrections. The amount is significant enough to emphasize the importance of adhering to the deadlines, thus fostering compliance and the proper management of property tax obligations.