Delaware 152nd G.A. (2023-2024)
HB 62, Chapter 162
AN ACT TO AMEND TITLE 9 OF THE DELAWARE CODE RELATING TO THE ASSESSMENT OF REAL PROPERTY.
WHEREAS, for the first time in decades, each county in Delaware is conducting a general reassessment of all real property within that county; and
WHEREAS, a standard, periodic reassessment of real property creates predictability, keeps assessed values reasonably accurate, and will be cost effective because it enables the use of advanced mass appraisal technologies; and
WHEREAS, the term "true value in money" is archaic and the Delaware Supreme Court has consistently held that the term true value in money "is the same as its fair market value", New Castle Cty. Dep't of Fin. v. Teachers Ins. & Annuity Ass'n, 669 A.2d 100, 102 (Del. 1995); and
WHEREAS, the Delaware Supreme Court has defined "fair market value", Seaford Assocs., L.P. v. Bd. of...
