(1) For tax years 2003 through 2008, the department is required to determine the current year phase-in value for each property in class three, class four, and class ten annually. The current year phase-in value is determined by subtracting the 2002 VBR from the 2003 reappraisal value multiplied by the applicable phase-in percentage, the product of which is added to the 2002 VBR value. The calculations of the phase-in values are represented by the following formula:
2003 Phase-in =
[(2003 reappraisal value - 2002 VBR value) x 16.66%]
+ 2002 VBR
2004 Phase-in =
[(2003 reappraisal value - 2002 VBR value) x 33.32%]
+ 2002 VBR
2005 Phase-in =
[(2003 reappraisal value - 2002 VBR value) x 49.98%]
+ 2002 VBR
2006 Phase-in =
[(2003 reappraisal value - 2002 VBR value) x 66.64%]
+ 2002 VBR value
2007 Phase-in =
[(2003 reappraisal value - 2002 VBR value) x 83.30%]
+ 2002 VBR value
2008 Phase-in =
2003 reappraisal value