Section 3
SEC. 3. In all cases in which land in any municipality has been assessed at a sum more than fifty per centum above the valuation fixed by the provincial board acting under authority of this Act, said provincial board shall reduce such excessive assessment for the year or years in which it was made to the amount of the assessment and true valuation fixed by the provincial board, and, upon the order of the provincial board, the provincial treasurer shall enter the corresponding reduction upon the proper records of the province and of the municipality in which the land affected is situated. In case the taxes have been paid upon the excessive assessment described in this section, it shall be the duty of the provincial board and the provincial treasurer to allow a credit of the excess payment upon any land taxes due or to become due until such excess payment shall have been satisfied. In case the tax has not been paid on such excessive assessment, the taxpayer shall be allowed to pay the tax on the reduced assessment, without penalty, at any time before February twenty-eighth, nineteen hundred and five.