Section 3. (a) It shall be the duty of said board, in each county to which this act applies, to make and have supervision of the making of annual assessments of persons, property and occupations now or hereafter made subject to assessment for taxation for county, borough, town, township, school, poor and institution district purposes, and to make and have supervision of listing and valuation of property excluded or exempted from taxation. The making of triennial assessments as provided by existing law is hereby abolished.
(b) With reference to land that is subject to a restrictive covenant under the provisions of the act of January 13, 1966 (1965 P.L.1292, No.515), entitled "An act enabling certain counties of the Commonwealth to covenant with land owners for preservation of land in farm, forest, water supply, or open space uses," the board shall determine the actual value with the restrictive covenant attached and the assessment shall be based thereon. The board shall also determine the actual value without the restrictive covenant and upon violation of the covenant the assessment shall be based thereon.
(3 amended Dec. 13, 1982, P.L.1165, No.269)