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<br />the governing body of the municipality. If the estimated market value for the property for the most <br />recently available assessment is less than the minimum market value established by the assessment <br />agreement for that or any later year and if bond counsel does not conclude that termination of the <br />agreement is necessary to preserve the tax exempt status of outstanding bonds or refunding bonds <br />to be issued, the modification or termination of the assessment agreement also must be approved <br />by the governing bodies of the county and the school district. A document modifying or <br />terminating an agreement, including records of the municipality, county, and school district <br />approval, must be filed for record. The assessor's review and certification is not required if the <br />document terminates an agreement. A change to an agreement not fully executed before July 1 of <br />an assessment year is not effective for assessment purposes for that assessment year. If an <br />assessment agreement has been modified or prematurely terminated, a person may seek a reduction <br />in market value or tax through the exercise of any administrative or legal remedy. The remedy may <br />not provide for reduction of the market value below the minimum provided under a modified <br />assessment agreement that remains in effect. In no event may a reduction be sought for a year other <br />than the current taxes payable year. <br />E-2 <br /> <br />