Senate Bill No. 9002 establishes the Centrally Assessed Ad Valorem Volatility Reimbursement Fund within the State Treasury, aimed at reimbursing counties for revenue losses due to decreased valuation and assessment of centrally assessed properties. The fund will be a continuing fund, not limited by fiscal year constraints, and will consist of appropriated monies designated for this purpose. To qualify for reimbursement, counties must experience a year-over-year reduction of at least $250,000 in ad valorem collections from centrally assessed properties. The reimbursement will cover 25% of the reduction for the first two years following the valuation decrease, prioritizing funds for school districts before counties.

Additionally, the bill appropriates $2 million from the fund for the fiscal year ending June 30, 2025, to support these reimbursements. Claims for reimbursement must be submitted by county commissioners by June 30 of the year following the valuation reduction, and total claims cannot exceed the fund's balance. If claims exceed the available funds, they will be proportionately reduced. The act is set to take effect on July 1, 2027, and includes an emergency clause for immediate implementation upon passage and approval.