AN ACT TO AMEND TITLE 9 OF THE DELAWARE CODE RELATING TO THE ASSESSMENT OF REAL PROPERTY.

This Act requires each county to reassess the value of real property in the county on a regular basis that occurs at least once every 5 years. The first 5-year period starts when the reassessments being conducted under the settlement agreements in the case In re Delaware Public Schools Litigation, C.A. No. 2018-0029-VCL (County Track) (Del. Ch.) are completed. This Act also makes revisions for consistency with current law and terminology as follows: 1. Because boards of assessment are not responsible for assessing property in any of the counties under current law, this Act also repeals the penalty for a board of assessment that knowingly and wilfully assesses property at an incorrect value. 2. Requires that real property be assessed at its “present fair market value” instead of at its “true value in money.” Delaware courts have established that the “true value in money” for real property means its “present fair market value”, which is the terminology that is currently used.