(a) The following officials shall notify the municipality of potential reductions in the market value of taxable parcels located in a tax increment financing district:
(1) for applications to reduce market value or abate taxes or for applications to a local or county board of review, the assessor;
(2) for applications to reduce market value or abate taxes by the state board of equalization, the commissioner of revenue;
(3) for petitions to reduce market value or object to taxes under chapter 278, the county attorney.
The official shall provide the notice to the municipality in writing within 60 days after the petition or application for a reduction is made.
(b) This section applies only to reductions in valuation or taxes that are granted after certification of final values for purposes of certifying local tax rates.
(c) For purposes of this section, "municipality" means the municipality for the tax increment financing district, as defined under section 469.174, subdivision 6.