(a) Except as otherwise provided in this section, the taxes imposed by this article for any period, together with interest thereon and penalties with respect thereto, shall not be assessed, nor shall any notice of lien be filed, distraint warrant be issued, suit for collection be instituted, or any other action to collect the same be commenced, more than three years after the date upon which a return is filed, whether or not such return is filed before, on, or after the date prescribed.

(b) The execution of a written agreement between the taxpayer and the finance director prior to the expiration of the three-year limitation period prescribed in subsection (a) of this section shall extend such period for such time as the taxpayer and finance director may agree. The period so agreed upon may be extended by subsequent written agreements between the taxpayer and the finance director prior to the expiration of the period previously agreed upon.

(c) The issuance of a notice of audit by the finance director to the taxpayer prior to the expiration of the three-year limitation period prescribed in subsection (a) of this section shall extend such period with respect to the designated audit period until such time as the audit is completed and a notice of final determination or assessment is issued. For purposes of this subsection (c), "designated audit period" includes all reporting periods with due dates that fall within the three-year period preceding the date of the notice of audit or, if the audit is conducted pursuant to section 130-61(g), the period between the issuance of a building permit and the issuance of a final certificate of occupancy or final inspection. If a notice of assessment issued as a result of such audit, the limitation period shall be further extended as provided in subsection (d) of this section.

(d) For taxes assessed before the expiration of such three-year limitation period, with respect to which a notice of lien has been filed prior to the expiration of such period, such lien shall continue for one year after the expiration of such period. In the event of an appeal by the taxpayer of a notice of assessment, such lien shall continue for one year after the issuance of a final determination of such appeal in accordance with the review procedure set forth in section 130-64.

(e) For purposes of this section, a return filed before the last day prescribed by this article for the filing thereof shall be considered as filed on such last day.

(f) In the event of the failure to file a return or the filing of a false or fraudulent return with intent to evade tax, the taxes imposed by this article, together with interest and penalties thereon, may be assessed and collected at any time. (Code 1979, § 36-48; Ord. No. 2011-01, § 8, 2-14-2011)