HOUSE BILL NO. 909
AN ACT TO AMEND CHAPTER 17, TITLE 14 DELAWARE CODE RELATING TO THE DEFINITION OF FULL VALUATION AS A FACTOR IN THE FORMULA FOR DETERMINING DIVISION III FUNDS.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Amend Section 1707 (b) (5), Chapter 17, Title 14 of the Delaware Code, by adding at the end thereof the following:
"For the fiscal year immediately following reassessment in any county, 'total full valuation' for that county shall be determined by multiplying 1.10 times the total full valuation as of July 1 for the fiscal year immediately preceding reassessment. Thereafter, the increase in the total full valuation in that county shall be added to the adjusted total full valuation each year."
Section 2. The effective date of this Act shall be July 1, 1974.
Approved July 26, 1974.