401. PETITIONS FOR REDETERMINATION BY TAX COMMISSION.

1. If any taxpayer, having paid the taxes levied pursuant to this Code and any applicable penalties and interest, feels aggrieved thereby or discovers that the taxes were incorrectly, calculated, he may, within one year after the due date of such return and payment, apply the Tax Commission by petition in writing for a redetermination of the amount of tax so paid. The petition for redetermination shall set forth the facts and arguments supporting the petition and the amount by which the tax should be reduced. Any refund of taxes that were due more than one year prior to the filing of the petition is forever barred.
2. Upon receipt of a petition for redetermination, the Tax Commission shall give notice and an opportunity to be heard to the taxpayer seeking redetermination.
3. The Commission may redetermine taxes based on correction of tax computation, or corrections to the classification of property or income; but the Tax Commission shall haven no power to alter tax rates established pursuant to this Code or to declare any portion of this Code void for any reason.
4. Refunds ordered by the Commission as a result of any redetermination shall bear simple interest at the rate of 10% per year from the date of the overpayment to the date of refund; provided, that no interest shall be paid on a refund when the Commission determines that the refund is for an overpayment that resulted from the negligence of the taxpayer.