(a) In making a reassessment under § 1471.058(b), the road district shall assess the property using the property’s market value for the year preceding the year in which the bonds or certificates are issued.
(b) The district shall proportionately reduce the assessment of the other property in the district to reflect the value of the reassessed property. The district shall refund to a property owner the difference between the amount of the original assessment and a new assessment under this subsection if the property owner has paid the entire amount of the original assessment.