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

This Act requires that each county reassess the value of real property in the county at least once every 5 years. The first 5-year period starts when the reassessment currently being conducted by each county is completed. This Act also makes revisions to conform existing law to the standards of the Delaware Legislative Drafting Manual and 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 repeals the penalty under § 8306 of Title 9 against a board of assessment that knowingly and wilfully assesses property at an incorrect value and corrects references to a county Department of Finance instead of the board of assessment in § 8307 of Title 9. 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.