Delaware Code Title 22 Sec. 1715 – Taxation of leased property in TIF District
Current as of: 2023 | Check for updates
|
Other versions
Whenever the municipality, 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 provided 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.
Terms Used In Delaware Code Title 22 Sec. 1715
- Contract: A legal written agreement that becomes binding when signed.
- 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