Section 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.