CHAPTER 224

FORMERLY

HOUSE BILL NO. 337

AN ACT TO AMEND CHAPTER 174, VOLUME 23, LAWS OF DELAWARE, AS AMENDED, ENTITLED "AN ACT TO RE-INCORPORATE THE TOWN OF TOWNSEND", RELATING TO REAL ESTATE TRANSFER TAX.

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

AMEND Chapter 174, Volume 23, Laws of Delaware, as amended, by adding a new section to read as follows;

"Section 16. Real Estate Transfer Tax.

Appropriate transfer taxes shall be charged upon the transfer of real property, or any interest in real property, situate within the corporate limits of the Town, provided, however, that no tax levied under this section shall exceed one percent (1%) of the sales price (including the value of any assumed mortgage or mortgages) or fair market value of the real property so transferred; and provided further that no tax shall be levied upon an organization exempted from ad valorem real estate taxes;"

Approved July 14, 1995.