The bill establishes a requirement for the Department of Revenue to notify counties when the preliminary market value of any property has decreased by more than $1.5 million since the last reappraisal. This notification must be sent electronically and will also include a copy to each municipality within the county. The notice must be dispatched no later than when the original or revised classification and appraisal notice is sent to the property owner, and it should provide both the prior and preliminary market values. Additionally, the Department is required to meet with the county upon request and provide any public information used to establish the preliminary market value.

Furthermore, the bill specifies that for properties subject to central assessment, the notification will occur after the apportionment process is completed. It explicitly states that these provisions do not apply to class four residential properties. The act is set to take effect for property tax years beginning on or after January 1, 2026.