Whenever the County, as lessor, leases its property within the TIF District, the property shall be assessed and taxed in the same manner as privately owned property, and the lease or contract shall provide that the lessee shall pay taxes or payments in lieu of taxes upon the assessed value of the entire property and not merely the assessed value of the leasehold interest.

81 Del. Laws, c. 25, § 1;

Terms Used In Delaware Code Title 9 Sec. 5414

  • 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 paragraph (2) of this section taken into account. See Delaware Code Title 9 Sec. 5402
  • Contract: A legal written agreement that becomes binding when signed.
  • County: means Kent County. See Delaware Code Title 9 Sec. 5402
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • TIF District: means an area designated by a resolution described in § 5406(1) of this title. See Delaware Code Title 9 Sec. 5402
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