This bill places a moratorium on any increase to the assessed value of all classes of property for tax years 2012, 2013, and 2014. The moratorium does not apply to corrections to manifest, factual errors or omissions in the valuation of a property. It also allows assessed property values to decrease. Any additions or improvements to the property may be valued at fair market value. Additionally if a property is rezoned, subdivided or combined with another property at the request of the owner, the property may be valued at fair market value. Counties will not be subject to the 1/4 mill penalty or $5.00 per parcel penalty for digest deficiencies.