Removes from statute a requirement that county assessors annually assess and send out real property valuation notices for publicly owned property that is exempt from taxation. Requires county assessors to value and list certain property that, as a result of a sale or change in use, is no longer exempt from taxation, beginning January 1 of the year in which the exempt status changes. Eliminates a leasehold excise tax credit for certain leasehold interests in publicly owned real or personal property.