After any personal property that is subject to assessment by § 8-417(d) of this subtitle as escaped property is assessed, the Department shall determine if: the owner failed to report accurately the cost or other information as to the escaped property; and the failure to report accurately caused the escaped property to be assessed at less than its value. Notice of the assessment of escaped property under § 8-417(d) of this subtitle and the imposition of any penalty under § 14-705 of this article shall be given as provided by § 14-402 of this article. The notice shall separately state: the assessment of the escaped property; and the penalty imposed under § 14-705 of this article.