CHAPTER 112

FORMERLY

HOUSE BILL NO. 292

AN ACT TO AMEND CHAPTER 34, VOLUME 58, LAWS OF DELAWARE, AS AMENDED, ENTITLED "AN ACT TO REINCORPORATE THE TOWN OF BLADES", TO GRANT THE TOWN COUNCIL OF THE TOWN OF BLADES THE POWER AND THE AUTHORITY TO ENACT AN ORDINANCE OR ORDINANCES TO LEVY, ASSESS AND COLLECT OR PROVIDE THE LEVYING, ASSESSMENT AND COLLECTION OF SUCH TAXES AS SHALL BE DETERMINED BY THE TOWN COUNCIL OF THE TOWN OF BLADES TO BE PAID BY THE TRANSFEROR OR TRANSFEREE UPON THE TRANSFER OF REAL PROPERTY OR ANY INTEREST IN REAL PROPERTY, SITUATED WITHIN THE CORPORATE LIMITS OF THE TOWN OF BLADES, SAID TRANSFER TAX NOT TO EXCEED ONE PERCENT (1%) OF THE SALES PRICE (INCLUDING THE VALUE OF ANY ASSUMEIS 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.

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 Section 27, Chapter 34, Volume 58, Laws of Delaware, as amended, by adding paragraph number 43 to Section 27, said new paragraph 43 to read as follows:

"43. a. The Town Council of the Town of Blades, in addition to the powers now conferred, shall have the power and authority by ordinance or ordinances to levy, assess and collect or provide for the levying, assessment and collection of such taxes as shall be determined by the Town Council for the Town of Blades to be paid by the transferor or transferee upon the transfer of real property or any interest in real property, situated within the corporate limits of the Town of Blades, Delaware, regardless of where the instruments making the transfers are made, executed or delivered or where the actual settlements on such transfers occur; 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.

b. No ordinance or ordinances providing for a tax on the transfer of real property or any interest in real property authorized under this section shall become effective unless it receives an affirmative vote of two-thirds of all the elected Town Council Members of the Town of Blades.

c. If the taxing power authority granted under this section shall be exercised by way of a stamp affixed to a document presented for recording, the Recorder of Deeds in and for Sussex County shall not receive for record any documents subject to said tax unless such stamps are affixed thereto.

d. The Town Council of the Town of Blades may adopt an ordinance or ordinances to provide for the effective administration and regulation of any tax adopted pursuant to the provisions of this section.

e. This Act was approved by a majority of the qualified voters of the Town of Blades at a Special Election which was held on February 17, 1997."

Approved June 30, 1997