Changes the schedule for revaluation of taxable real property.

Requires the department of revenue to assist any county assessor requesting assistance in the valuation of industrial property estimated to exceed twenty-five million dollars in real and personal property value.

Requires the department of revenue to administer a grant program to assist counties with the schedule change.

Creates the annual property revaluation grant account.

Makes appropriations.

Provides that sections 3 and 4 of the act expire July 1, 2014.

Provides that the act is null and void if appropriations are not approved.