If the taxpayer makes any error in computing the tax assessable against him, the Treasurer shall correct the error or reassess the proper amount of taxes, and notify the taxpayer of his action by mailing him promptly a copy of the corrected assessment, and any additional tax for which the taxpayer may be liable shall be paid within ten days after the receipt of the statement. If the amount already paid exceeds that which should have been paid on the basis of the tax so recomputed, the excess so paid shall be immediately refunded to taxpayer out of any funds available for the purpose. The taxpayer may, at his election, apply an overpayment credit to taxes subsequently accruing hereunder.
(3-27-75)