6.__State valuation.__The State Tax Assessor shall annually determine the value of property that is exempt pursuant to this section based upon the business equipment exemption certifications filed by local taxing jurisdictions under subsection 5.__The State Tax Assessor shall use the valuation of exempt property so determined to compute the reimbursement required by section 661 arising from property tax exemptions.__ The State Tax Assessor shall establish a uniform methodology to be used in determining the just value of certified exempt property.__The valuations of certified exempt property as determined by the State Tax Assessor must be reported to local taxing jurisdictions no later than July 1st following receipt of the certified reports.__The valuations determined may be appealed in the same fashion as provided for the state valuation determined in accordance with section 305, subsection 1, with the exception that the State Board of Property Tax Review, as established by Title 5, section 12004-B, subsection 6, must render its decision no later than November 15th following the date on which the appeal is taken.__The board must certify its decisions on these exemption appeals to the State Tax Assessor by December 1st of the year following the application of the exemption.__The valuations of exempt property must be filed with the Secretary of State by December 10th following the year of exemption.

7.__State review; appeal by municipality.__The State Tax Assessor may review exemption claims made under this section and may disqualify any exemption certified under subsection 5 within a 2-year period from the date of the local tax jurisdiction certification.__In a case in which a local taxing jurisdiction has already received reimbursement, the excess reimbursement may be offset against the next reimbursement payment.__A local taxing jurisdiction aggrieved by a decision of the State Tax Assessor to disqualify a certified exemption after the exemption amount has