Delaware Code Title 22 Sec. 1004 – Tenants in common; joint tenants; tenants by entirety; partnerships; …
(a) Where title to property on which an exemption from municipal taxation is claimed is held by more than 1 person either as tenants in common or as joint tenants, each tenant shall not be allowed an exemption against its interest in the property in excess of the assessed valuation of the tenant’s proportionate share in the property, which proportionate share, for the purposes of this chapter, shall be deemed to be equal to that of each of the other tenants, unless it is shown that the interests in question are not equal, in which event each tenant’s proportionate share shall be as shown.
Terms Used In Delaware Code Title 22 Sec. 1004
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: is synonymous with the phrase "lands, tenements and hereditaments. See Delaware Code Title 1 Sec. 302
- Trustee: A person or institution holding and administering property in trust.
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) Nothing in this chapter shall preclude more than 1 tenant, whether title be held in common or joint tenancy, from claiming exemption against the property so held, but no more than the equivalent of 1 full exemption in regard to such property shall be allowed in any year, and in any case in which the tenants cannot agree as to the apportionment thereof, the exemption shall be apportioned between or among them in proportion to their interest. Property held by both spouses, as tenants by the entirety, shall be deemed wholly owned by each tenant, but not more than 1 exemption in regard to such property shall be allowed in any year.
(c) The right to claim exemption from municipal taxation on real property shall extend to property the title to which is held by a partnership to the extent of the claimant’s interest as a partner therein and by a guardian, trustee, committee, conservator or other fiduciary for any person who would otherwise be entitled to claim exemption from municipal taxation on real property, but not to property the title to which is held by a corporation.
22 Del. C. 1953, § ?1005; 57 Del. Laws, c. 195, § ?1; 57 Del. Laws, c. 425; 65 Del. Laws, c. 11, § ?2; 70 Del. Laws, c. 186, § ?1;