CHAPTER 363

FORMERLY

HOUSE BILL NO. 625

AN ACT TO AMEND CHAPTER 11, TITLE 22 AND CHAPTER 80, PART V, TITLE 9 OF THE DELAWARE CODE RELATING TO TRUTH IN TAXATION BY REQUIRING THE CALCULATION AND PUBLICATION OF ROLLED-BACK TAX RATES AND THE PERCENTAGE INCREASE BY WHICH A NEW TAX RATE TO BE LEVIED EXCEEDS THE ROLLED-BACK RATE UPON TOTAL REASSESSMENT OF TAXABLE PROPERTIES WITHIN MUNICIPAL CORPORATIONS OR COUNTIES.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two-thirds of all members elected to each House thereof concurring therein):

Section 1. Amend Chapter IL Title 22 of the Delaware Code by adding a new section to read as follows:

"§1105. Tax rate upon reassessment: notice

When any total reassessment of taxable properties within a municipal corporation of this State (hereinafter 'municipality') shall have become effective, a tax rate shall be computed so as to provide the same tax revenue as was levied during the prior fiscal year. That rate shall be known as the 'rolled-back rate'. Any initial assessment made on new construction shall not be taken into account in determining such limitation.

The ordinance establishing a property tax rate upon total reassessment shall state the percent, If any, by which the tax rate to be levied exceeds the rolled-back rate computed pursuant to subsection (a). which shall be characterized as the percentage increase in property taxes adopted by the governing body. Within 15 days of the meeting at which the ordiance shall be considered by the governing body, the municipality shall advertise, in a newspaper of general circulation in the municipality, said percentage increase in the tax rate."

Section 2. Amend §8002, Chapter 80, Part V. Title 9 of the Delaware Code by adding new subsections which shall read as follows:

"(d) When any total reassessment of taxable properties within a county of this State shall have become effective, a tax rate shall be computed so as to provide the same tax revenue as was levied during the prior fiscal year. That rate shall be known as the 'rolled-back rate'.

(e) The ordinance establishing a property tax rate upon total reassessment shall state the percent. If any, by which the tax rate to be levied exceeds the rolled-back rate computed pursuant to subsection (d). which shall be characterized as the percentage increase in property taxes adopted by the governing body. Within 15 days of the meeting at which the ordinance shall be considered by the governing body, the county shall advertise, in a newspaper of general circulation in the county, said percentage increase in the tax rate."

Approved July 17, 1984.