Section 1904. Transition assessment

1. The governing body of any approved
  assessing unit may adopt the provisions of this  section  by  local  law
  without  referendum,  no  later  than thirty days prior to filing of the
  tentative assessment roll in the first year of a revaluation,  provided,
  however,  that  if  the  governing  body  of  a  town adopts a local law
  pursuant to this subdivision the provisions of this section shall  apply
  to each eligible non-assessing unit village within such town.
    2. The assessors in each approved assessing unit which has adopted the
  provisions of this section shall, in the first year in which revaluation
  assessments are to be entered on the assessment roll and for each of the
  next  three  succeeding  years,  determine for each parcel for which the
  revaluation assessment is greater  than  the  assessment  for  the  same
  parcel  on  the  immediately  preceding  assessment  roll,  a transition
  assessment as follows:
    (a)  In  the  first  year  subtract  the  prior  assessment  from  the
  revaluation assessment, divide the difference by five and add the result
  to such prior assessment.
    (b)  In  the  second  year,  subtract  the  prior  assessment from the
  revaluation assessment, divide the difference by four and add the result
  to such prior assessment.
    (c) In  the  third  year,  subtract  the  prior  assessment  from  the
  revaluation  assessment,  divide  the  difference  by  three and add the
  result to such prior assessment.
    (d) In the  fourth  year,  subtract  the  prior  assessment  from  the
  revaluation  assessment, divide the difference by two and add the result
  to such prior assessment.
    (e) In the fifth year and thereafter, the revaluation assessment shall
  be the assessment.
    3. The assessors in each approved assessing unit which has adopted the
  provisions of this section shall, in the first year in which revaluation
  assessments are to be entered on the assessment roll and for each of the
  next three succeeding years, determine for each  parcel  for  which  the
  revaluation  assessment  is less than the assessment for the same parcel
  on the immediately preceding assessment roll, a transition assessment as
  follows:
    (a) In the first year, subtract the revaluation  assessment  from  the
  prior  assessment, divide the difference by five and subtract the result
  from such prior assessment.
    (b) In the second year, subtract the revaluation assessment  from  the
  prior  assessment, divide the difference by four and subtract the result
  from such prior assessment.
    (c) In the third year, subtract the revaluation  assessment  from  the
  prior assessment, divide the difference by three and subtract the result
  from such prior assessment.
    (d)  In  the fourth year, subtract the revaluation assessment from the
  prior assessment, divide the difference by two and subtract  the  result
  from such prior assessment.
    (e) In the fifth year and thereafter, the revaluation assessment shall
  be the assessment.
    4.  In  the  event  that  new property is added to a parcel during the
  first, second, third or fourth year, such assessors shall  increase  the
  prior  year's  assessment  for such parcel by an amount which equals the
  product of multiplying the revaluation assessment for such new  property
  by  the  state  equalization  rate  established for the prior assessment
  roll.
    5. In the event that any portion of a parcel  is  fully  or  partially
  removed  from the roll during the first, second, third or fourth year by
  reason of fire, demolition, destruction or new exemption such  assessors

  shall  reduce  the  prior year's assessment for any remaining portion in
  the same proportion as the revaluation assessment is  reduced  for  such
  fire, demolition, destruction or new exemption.
    6.  Notwithstanding  any  other  provision  of this chapter, the state
  board shall prescribe a form  of  the  assessment  roll  to  enable  the
  assessors of approved assessing units to make the entries on the roll in
  accordance with the provisions of this section.
    7.   In   establishing   state   equalization   rates,  special  state
  equalization rates and special state equalization ratios  under  article
  twelve, article twelve-A and article twelve-B of this chapter, the state
  board  shall  use  the  transition  assessments  as provided for in this
  section in its determinations.
    8. The provisions of this section shall not apply to the assessment of
  real property owned by the  state  and  which  is  subject  to  taxation
  pursuant  to  title  two  of article five of this chapter, nor shall the
  provisions of this section apply to the assessment of any real  property
  for  which  a statute provides that a state equalization rate or special
  equalization rate shall be employed to determine the assessed  value  or
  the taxable assessed value.