The taxable status of all real property assessable
for taxation shall be determined annually as of the first day of March
or such other date as shall be required by the Real Property Tax Law.
If any clause, sentence paragraph, subdivision,
section or part of this chapter or the application thereof to any
person, individual, corporation, firm, partnership, entity or circumstance
shall be adjudged by any court of competent jurisdiction to be invalid
or unconstitutional, such order or judgment shall not affect impair
or invalidate the remainder thereof but shall be confined in its operation
to the clause, sentence, paragraph, subdivision, section or part of
this chapter or in its application to the person, individual, corporation,
firm, partnership, entity or circumstance directly involved in the
controversy in which such order or judgment shall be rendered.
This chapter shall become effective immediately
upon filing in the office of the Secretary of State. This legislation
shall expire, unless extended, on July 31, 1999.