§ 1220 — Definitions

§ 1220. Definitions. When used in this title:\n 1. "Change in level of assessment" means the net percentage increase\nor decrease in the assessed valuation of all taxable real property in an\nassessing unit from one final assessment roll to the next, other than\nincreases or decreases in the assessed valuation of special franchises,\ntransportation properties of railroads subject to a ceiling assessment,\nwholly exempt properties, and other than increases or decreases in value\nattributable to physical or quantity changes in the property.\n 2. "Change in level of assessment factor" means a multiplication\nfactor which represents the change in level of assessment.\n 3. "Material change in level of assessment" means a change in level of\nassessment of two percent or more in any one year.\n 4. "Physical or quantity change" means but shall not be limited to\neither an increase in assessed value from the prior roll resulting from\nnew construction, property annexed from another assessing unit, and the\naddition of property omitted from the prior roll, or a decrease in\nassessed value from the prior roll resulting from fire, demolition, and\nthe deletion of duplicate parcels from the roll. A physical or quantity\nchange does not result from the splitting or merging of parcels.\n