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.
Del. Code tit. 9, § 5414
Taxation of leased property in TIF District
Known as the Kent County Tax Increment Financing Act
The act spans §§ 9–9 (17 sections).
81 Del
Official source: Delaware Code Online. Reproduced from public-domain Delaware statutes; confirm against the official source for the current text. Not legal advice.