Eliminates the requirement to appraise publicly owned property not subject to property tax. However, when the exempt status no longer applies as a result of a sale or change in use, the assessor must value and list the property as of the January 1 assessment date for the year of the status change. The owner or person responsible for paying taxes may thereafter petition the county board of equalization for a change in the assessed value. Language is deleted that authorizes a leasehold excise tax credit for certain leasehold interests for the amount, if any, that the tax exceeds the property tax applicable if the property were privately owned by the lessee or sublessee.