DE HB62

Requires each county to reassess all real property at least once every 5 years, with the first 5-year period beginning when the county completes its current general reassessment.

Changes the standard of assessment from "true value in money" to "present fair market value," aligning statutory language with existing Delaware court precedent that defines these terms as equivalent.

Removes the penalty provision against boards of assessment for knowingly and willfully assessing property incorrectly, as boards of assessment are not responsible for property assessment under current Delaware law.

Transfers references in § 8307 of Title 9 from the board of assessment to the county Department of Finance, which is the entity responsible for conducting property assessments in Delaware counties.