§ 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
commissioner 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
commissioner 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.