N.Y. Real Property Tax Law § 1220: Definitions

§ 1220. Definitions. When used in this title:

1. "Change in level of assessment" means the net percentage increase

or decrease in the assessed valuation of all taxable real property in an

assessing unit from one final assessment roll to the next, other than

increases or decreases in the assessed valuation of special franchises,

transportation properties of railroads subject to a ceiling assessment,

wholly exempt properties, and other than increases or decreases in value

attributable to physical or quantity changes in the property.

2. "Change in level of assessment factor" means a multiplication

factor which represents the change in level of assessment.

3. "Material change in level of assessment" means a change in level of

assessment of two percent or more in any one year.

4. "Physical or quantity change" means but shall not be limited to

either an increase in assessed value from the prior roll resulting from

new construction, property annexed from another assessing unit, and the

addition of property omitted from the prior roll, or a decrease in

assessed value from the prior roll resulting from fire, demolition, and

the deletion of duplicate parcels from the roll. A physical or quantity

change does not result from the splitting or merging of parcels.