2.__Program assessed value.__The program assessed value for classified land for tax purposes is:

A.__For the first year under the program, the base valuation under subsection 1; and

B.__For subsequent years under the program, the base valuation as adjusted by any cumulative increases and decreases authorized under section 1134.

3.__Change in ownership.__Base valuation and program assessed value under this section are subject to recalculation when there is a change in ownership pursuant to section 1135, subsection 2.

§1134.__Assessment adjustments

1.__Annual adjustments.__The assessed value of classified land may be adjusted annually on April 1st, subject to this section.

2.__Increase assessment limited.__The assessed value of classified land may not increase under the annual adjustment by more than the lower of:

A.__Two percent of the program assessed value of the prior year; or

B.__The percent change in the Consumer Price Index for all urban consumers.

3.__Decrease assessment authorized.__Nothing in this subchapter prevents:

A.__An assessment based on less than a 100% valuation; or

B.__A decrease in the assessed value.