CHAPTER 428

FORMERLY HOUSE BILL NO. 129

AS AMENDED BY

HOUSE AMENDMENTS NO. 1 AND 2

AND

SENATE AMENDMENTS NO. 1 AND 5

AN ACT TO AMEND TITLE 14, DELAWARE CODE, PROVIDING FOR A SCHOOL'S LEGAL TAX RATE AFTER A COUNTY REAL ESTATE REASSESSMENT.

Be it enacted by the General Assembly of the State. of Delaware:

Section 1. Amend Section 1917, Chapter 19, Title 14, Delaware Code, by redesignating paragraph (b) as paragraph (c).

Section 2. Amend Section 1917, Chapter 19, Title 14, Delaware Code, by inserting a new paragraph (b) to read as follows:

"(b) Whenever the qualified voters of a reorganized school district have approved a specific rate of taxation or specified amount of taxation under Section 1903 of this Chapter, and a subsequent general reassessment of all real estate in the county changes the total assessed valuation of the school district, the local Board of Education of each such local school district shall calculate a new real estate tax rate which, at its maximum, would realize no more than 10 per centum increase in actual revenue over the revenue derived by real estate tax levied in the fiscal year immediately preceding such reassessed real estate valuation. Any subsequent increase in rate of taxation shall be achieved only by an election of the qualified voters in such local school district according to the procedure in Section 1903 of this Chapter."

Section 3. This Act shall become effective upon signature by the Governor.

Approved June 15, 1972.