(a) Notification.--Any person desiring tax exemption, pursuant to ordinances or resolutions adopted pursuant to this act, shall notify each local taxing authority granting the exemption on a form provided by the local taxing authority. The form shall be submitted between the time the person desiring tax exemption secures the building permit and when the occupancy permit is issued, or if no building permit or other notification of improvement is required, prior to the time the structure is assessed for tax purposes. A copy of the exemption request shall be forwarded to the Board of Assessment and Revision of Taxes or other appropriate assessment agency. The assessment agency shall not be required to reassess that portion of the property which has been exempted by the municipality for taxation purposes until the exemption period has expired. Appeals from any reassessment and the amounts eligible for the exemption may be taken by the taxpayer or the local taxing authorities as provided by law.

(b) Application of changes.--Except as may be authorized in section 4(c),¹ the cost of improvements to be exempted and the schedule of taxes exempted existing at the time of the submission of the form as provided in subsection (a) shall be applicable to that exemption request.