Section 1602. Establishment of consolidated assessing units

1. The
  governing bodies of two or more assessing units,  except  villages,  are
  hereby  authorized  to  establish  a consolidated assessing unit for the
  purposes hereinafter stated and in the manner hereinafter provided.
    2. A consolidated assessing unit shall be established upon the passage
  of an identical local law by each city and town which  is  to  join  the
  consolidated  assessing  unit.    Such  a  local law shall be subject to
  permissive referendum and must be adopted by  all  affected  cities  and
  towns  at least two months before the first taxable status date to which
  it is to apply. A copy of each such local law shall be  filed  with  the
  state board within thirty days of the adoption thereof.
    3.  Each  such  local  law  shall  provide that a revaluation shall be
  implemented on the first assessment roll of the  consolidated  assessing
  unit,  unless  (a) the state board certifies that each of the cities and
  towns establishing the consolidated assessing  unit  has  implemented  a
  revaluation  or update, and (b) each such revaluation or update shall be
  no more than three years old as of the first taxable status date of  the
  consolidated assessing unit.
    4.  The  dates  applicable to the assessment process in a consolidated
  assessing unit, including valuation date, taxable status date,  and  the
  dates  for the filing of the tentative and final assessment rolls, shall
  be as provided in articles three and five of  this  chapter,  except  as
  otherwise provided in this article.
    5.  For  purposes  of  this  article,  the cities and towns which have
  established a consolidated assessing unit shall be referred  to  as  the
  "constituent municipalities" of the consolidated assessing unit.