How SB 228 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill clarifies the authority of New Castle County to correct property assessments and adds a statement regarding the fair market value assessment standard.

• WHEREAS, under current law, all property subject to assessment must be assessed at its fair market value as of the county’s most recent reassessment base year, and the County bears responsibility for ensuring assessed values reflect that standard; and

  This insertion establishes a formal acknowledgment of the fair market value standard for property assessments.

• (i) This section is not a limitation on the power of New Castle County to perform quality control and make revisions and corrections relating to the assessed value of any tax parcel or parcels in its jurisdiction. In addition to the categories set forth in subsection (a) of this section, New Castle County may identify additional categories of tax parcels for quality control review where it appears that an error or mistake in valuation may have occurred.

  This change ensures that New Castle County has the authority to perform additional quality control and correction of property assessments.