(a) Where the director of finance has reason to believe that the consideration for property or valuation of property is understated on the transfer tax form, the director of finance, at his or her discretion, may request the supervisor of assessments for the county or a professional real estate appraiser to make an appraisal of the property.
(b) The director of finance shall make a final determination of the consideration for the transfer and the amount of transfer tax due. The director of finance shall consider the appraisal of the property and such other facts and information which the director deems appropriate. The director shall notify the transferor and transferee in writing of his decision. Where the final determination of the director is made after payment of the tax, any additional tax shall be immediately due, and interest on the difference shall run from the date of initial payment of tax at a rate at which interest is charged on overdue real property taxes. The transferee and transferor shall be jointly and severally liable for the payment of the difference in tax due. (1977 L.M.C., ch. 25, § 1; 2016 L.M.C., ch. 7, § 2.)