Section 12
SEC. 12. Real property declared for the first time shall have taxes assessed against it from and including the year in which, under the provisions of then existing law. the same would have been subject to taxation: Provided, That such taxes shall not be collected for more than the four preceding years, and such property shall be exempt from any penalty for delinquency if said taxes are paid within the tax collection period for the year next following the assessments hereunder, but if not paid within that time it shall be subject to all the penalties for delinquency to which it would have been subject.