The Common Council shall have power to cancel
or correct any erroneous or invalid assessment made either for general
tax purposes or for local improvements or for any other purpose, and
to cancel or refund the tax or assessment thereon or any part thereof,
or any interest, penalty or fee pertaining thereto, but such action
shall be taken only upon a verified petition by the party interested
or his agent or attorney, or upon written application of the Collector,
or Commissioner of Assessment and Taxation. The power herein conferred
shall not apply to an assessment claimed to be erroneous or invalid
by reason of overvaluation or inequality. In such case the application
shall be made as provided by the Charter.