The bill establishes a requirement for the Department of Revenue to notify counties when the preliminary market value of any property decreases 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 property owner receives their classification and appraisal notice, and it should detail both the previous and preliminary market values. Additionally, the Department is required to meet with the county upon request and provide any public information used to determine 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 will take effect for property tax years beginning on or after January 1, 2026.