(a) Whenever the state board or the assessment appeals commission, if such has been created by the state board of equalization under § 67-5-1502, after a county or local board has acted, has reason to believe that an individual assessment of real property or personal property is inadequate, or the classification of such property is erroneous, it shall have the power to cause ten (10) days' written notice to be served on the person to whom the property is assessed, commanding such person to appear before the board or commission to show cause why the assessment should not be increased or the classification should not be changed.
(b) The taxpayer shall be entitled to be heard either personally or by counsel and shall have the privilege of introducing any competent evidence touching the question of adequacy of the assessment or change of the classification.
(c) Whereupon the board or commission shall determine the amount, if any, the assessment shall be increased or determine the proper classification of the property and reduce its judgment to writing and certify its findings to the proper county officials.
(d) Actions pursuant to this section shall be commenced by issuance of the required notice on or before September 1 of the year following the year to which the notice relates.