(a) Upon its consideration of reports made to it, together with the evidence submitted therewith or other information available, the state board or the assessment appeals commission, if such has been created by the state board under § 67-5-1502, shall take whatever steps it deems are necessary to effect the assessment of property in accordance with the constitution of Tennessee and the laws of this state. The board shall by order or rule direct that commercial and industrial tangible personal property assessments be equalized using the appraisal ratios adopted by the board in each jurisdiction; provided, that no equalization factor for purposes of this section may exceed a factor of one (1.000). Such equalization shall be available only to taxpayers who have timely filed the reporting schedule required by law.

(b) Equalization may be made by the board or commission, as the case may be, by reducing or increasing the appraised values of properties within any taxing jurisdiction, or any part thereof, in such manner as is determined by the state board of equalization will enable the board or commission to justly and equitably equalize assessments in accordance with law.

(c) In the event that the state board of equalization or the assessment appeals commission, as the case may be, deems it necessary to increase or decrease appraised values of properties of any taxing jurisdiction, or any part thereof, in any manner whereby its action affects properties in general rather than individual properties, it is not necessary that the state board or the assessment appeals commission, as the case may be, notify each individual property owner as provided in § 67-5-1510; provided, that the board or commission shall cause to be published at least once, in a newspaper of general circulation within such taxing jurisdiction affected by the action of the board or commission, a notice of the action of the state board or the assessment appeals commission, as the case may be.