§ 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.