(1) Not later than December 31 of each year, an authority shall provide a list of all property sold by the authority in that calendar year to the assessor of each local tax collecting unit in which the property sold by the authority is located.

  (2) The assessor of each local tax collecting unit in which there is eligible tax reverted property shall determine annually as of December 31 the value and taxable value of each parcel of eligible tax reverted property and shall furnish that information to the legislative body of the local tax collecting unit.