Bill > HB246

This bill amends Delaware's school taxation laws by modifying how school districts can adjust property tax rates after a general reassessment of real estate values. Currently, school districts could increase tax revenues by up to 10% after a reassessment, but the bill now limits this increase to 2% per year for the next five years. If a district is projected to experience a revenue loss due to reassessment, it may still increase the tax rate by up to 10% to maintain a revenue-neutral position. Any further tax rate increases would require voter approval or must occur after a subsequent general reassessment. The changes are designed to provide more predictable and gradual tax rate adjustments for property owners, protecting them from sudden large increases in school property taxes. The bill will take effect on July 1, 2025, and will apply to all public school tax rates from that date forward, giving school districts and local governments time to prepare for the new taxation approach.

Education

https://legis.delaware.gov/BillDetail?LegislationId=142681