Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that authorizes New Castle County in Delaware to perform quality control reviews of its commercial property assessments.

Highlights:

• Authorizes the Office of Finance for New Castle County to conduct a quality control review of the general value assessment of a taxable parcel under the following conditions (Sec. 1):

• A mathematical or clerical error occurred;

• A non-residential tax parcel whose assessed value from the new general reassessment is at least $300,000 but decreased from its previous assessment;

• A non-residential tax parcel has a newly assessed value of at least $300,000 and the percentage change in its newly assessed value compared to its previous assessment is no greater than 50% of the median increase in value of the county’s non-resident parcels from a new assessment; and

• A non-residential tax parcel assessed value from a new general reassessment is at least 25% less than that parcel's most recent sale price within 5 years of the new reassessment.

• Authorizes the Office of Finance for New Castle County to make revisions to a previous property tax assessment based on the findings of a quality control review (Sec. 1).

• Requires corrections and revisions from a quality control review to be made before September 30, 2026 (Sec. 1).

• Authorizes the tax authority for New Castle County to levy a six percent penalty on any outstanding tax balances with one percent added on the unpaid principal balance on the first day of each month until the balance is paid (Sec. 1).

• Specifies that this Act expires on March 31, 2027 (Sec. 3).

Full Bill Text

Vote Smart's Synopsis:

Vote to amend and pass a bill that authorizes New Castle County in Delaware to perform quality control reviews of its commercial property assessments.

Highlights:

• Authorizes the Office of Finance for New Castle County to conduct a quality control review of the general value assessment of a taxable parcel under the following conditions (Sec. 1):

• A mathematical or clerical error occurred;

• A non-residential tax parcel whose assessed value from the new general reassessment is at least $300,000 but decreased from its previous assessment;

• A non-residential tax parcel has a newly assessed value of at least $300,000 and the percentage change in its newly assessed value compared to its previous assessment is no greater than 50% of the median increase in value of the county’s non-resident parcels from a new assessment; and

• A non-residential tax parcel assessed value from a new general reassessment is at least 25% less than that parcel's most recent sale price within 5 years of the new reassessment.

• Authorizes the Office of Finance for New Castle County to make revisions to a previous property tax assessment based on the findings of a quality control review (Sec. 1).

• Requires corrections and revisions from a quality control review to be made before September 30, 2026 (Sec. 1).

• Authorizes the tax authority for New Castle County to levy a six percent penalty on any outstanding tax balances with one percent added on the unpaid principal balance on the first day of each month until the balance is paid (Sec. 1).

• Specifies that this Act expires on March 31, 2027 (Sec. 3).

Full Bill Text