(1) On or before April 1st annually, a taxpayer claiming an exemption under this paragraph shall file a report with the assessor of the taxing jurisdiction in which the property would otherwise be subject to taxation on April 1st of that year. The report must identify the property for which an exemption is claimed and must be on a form prescribed by or approved by the bureau. The bureau shall provide copies of the form to each municipality in the State, and the form must be made available to taxpayers before April 1st annually.

(2) The bureau may audit the records of a municipality to ensure compliance with this paragraph. The bureau may review the records of a municipality to determine if exemptions granted under this paragraph have been properly approved. If the bureau determines that an exemption under this paragraph has been improperly approved, the bureau shall ensure, either by setoff against other payments due the municipality or otherwise, that the municipality is not reimbursed for the revenue lost as a result of the improperly approved exemption. A municipality that is aggrieved by a determination of the bureau under this paragraph may appeal pursuant to section 151.

(3) Notwithstanding section 661, a municipality that experiences a loss in property tax revenue attributable to the increase in the exemption limitation over $10,000 on or after April 1, 2020 is entitled to reimbursement in the manner provided in section 661 for 100% of the additional property tax revenue loss;