(1) The state board of equalization shall meet annually in the city of Lansing on the second Monday in May for the purpose of equalizing the assessments on all taxable property in this state, except that property assessed under laws enacted pursuant to section 4 and 5 of article 10 of the state constitution of 1963.

  (2) The business which the state board of equalization may perform shall be conducted at a public meeting of the board held in compliance with Act No. 267 of the Public Acts of 1976, being section 15.261 to 15.275 of the Michigan Compiled Laws. Public notice of the time, date, and place of the meeting shall be given in the manner required by Act No. 267 of the Public Acts of 1976.