Delaware Code Title 22 Sec. 1702 – Definitions
(a) In this chapter the following terms have the meanings indicated, unless the context clearly indicates another or different meaning or intent.
Terms Used In Delaware Code Title 22 Sec. 1702
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- real property: is synonymous with the phrase "lands, tenements and hereditaments. See Delaware Code Title 1 Sec. 302
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) “Act” means the Municipal Tax Increment Financing Act.
(c) “Adjusted assessed value” means:
(1) For real property that qualifies for an agricultural, horticultural or forest use under § 8329 of Title 9, the fair market value of the property without regard to its agricultural, horticultural or forest use assessment as of January 1 of that year preceding the effective date of the resolution creating the TIF District under § 1706 of this title; or
(2) In the event the municipality grants an exemption from taxes, the original assessed value less the amount of taxes subject to such exemption.
(d) “Assessed value” means the total assessed value of all real property in a TIF District subject to taxation as determined by the Assessor, with any adjustment pursuant to § 1702(c) of this title taken into account.
(e) “Assessor” shall mean the town or City Assessor or, if there is no town or City Assessor, the Department of Land Use for New Castle County, the Board of Assessment for Kent County and the Board of Assessment for Sussex County.
(f) “Bonds” or “bond” means any revenue or general obligation bonds or bond, notes or note, or other similar instruments or instrument issued by any municipality pursuant to and in accordance with this chapter.
(g) “Chief executive officer” means the mayor, or other chief executive officer of a municipality.
(h) “County” or “county” means 1 of the 3 counties of the State.
(i) “Development” includes new development, redevelopment, revitalization and renovation.
(j) “Issuer” or “issuer” means a municipality that issues bonds.
(k) “Issuing body” means a municipality (other than the municipality issuing bonds under this chapter or Chapter 18 of this title), county or other political subdivision, department or agency of the State when it acts to issue a bond, a note, or other similar instrument.
(l) “Municipality” means any town or city located in the State with a population in excess of 35,000 people.
(m) “Original assessed value” means the assessed value as of January 1 of that year preceding the effective date of the resolution creating the TIF District under § 1706 of this title.
(n) “Other obligations” or “other obligation” means a bond, a note, or other similar instrument issued by an issuing body for any of the purposes stated in § 1705 of this title.
(o) “Tax increment” means for any tax year the amount by which the assessed value as of January 1 preceding that tax year exceeds the original assessed value.
(p) “Tax year” means the fiscal year for the municipality.
(q) “TIF District” means an area designated by a resolution described in § 1706(1) of this title.