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.