DE HB252

Requires each Delaware county to reassess real property at least once every 5 years, with the initial 5-year period beginning after each parcel is reassessed following July 1, 2021.

Changes the property assessment standard from "true value in money" to "present fair market value" to align with current Delaware court interpretations and terminology.

Repeals the penalty provision for board of assessment members who knowingly and willfully assess property incorrectly, as boards are no longer responsible for property assessment under current law.

Enables counties to use advanced mass appraisal technologies and periodic reassessment cycles to keep assessed values reasonably accurate and cost-effective.