AN ACT TO AMEND TITLE 9 OF THE DELAWARE CODE RELATING TO THE STATE FARMLAND VALUATION ADVISORY COMMITTEE.

This Act increases the voting membership of the State Farmland Advisory Committee from 3 members to 7 members. The Act also adds 3 non-voting members to the Committee who are officials with the Assessment Divisions/Departments of New Castle, Kent, and Sussex Counties. The Delaware State Department of Finance shall provide reasonable staff support to assist the Committee in performing its duties.

The Committee shall, at least once every 2 years, review its valuation formula and methodology utilized to determine the ranges of fair values for agricultural, horticultural, and forestry land and make such changes and revisions as are required to ensure that the objectives of the Act are met. The formula used by the Committee shall be based on not less than the preceding 20 years of land values. The Committee must publish an annual report containing its determinations and any review of its farmland valuation formula and methodology.