SECTION 1.
The Legislature finds and declares the following:(a) County governments are primarily responsible for local property tax assessments, but the state retains a vested interest in promoting equitable property tax assessments due to the public policy and financial implications inherent with the assessment process.
(b) It is incumbent upon the state to ensure that public policy supports a transparent and impartial assessment process to minimize impacts on taxpayers.
(c) Fluctuations in property tax revenue have direct financial consequences for the state’s General Fund due to the state’s obligation to guarantee minimum funding for schools, for which the state must make up the difference when revenues fall short.
(d) Unanticipated and significant drops in projected property tax revenue not only impact the state and counties, but local municipalities within each county.
(e) It is imperative for all levels of government to have appropriate information about unanticipated declines in revenue in a timely manner that allows for appropriate responses.