[Adopted 4-25-1990 by Ord. No. 805]
For the purposes of this article the following definition shall be applicable unless the context clearly indicates to the contrary:
SUBDIVISION
The division of a lot, tract or parcel of land within the corporate limits of the Town of Georgetown into two or more lots, sites or other divisions of land for the purpose, whether immediate or future, of sale or building development, and which involves a proposed new street or road or the extension of an existing street or road.
Following final approval of a subdivision by the Town of Georgetown, a subdivision owner may make application to the Town Manager of the Town of Georgetown for a subdivision assessment exemption with respect to municipal taxation, said exemption to be valid for a period not to exceed three years from the date of final subdivision approval. A subdivision owner may designate which lots within a subdivision are not to be offered for sale for a time period of three years or less, as designated by the owner, and those lots shall be assessed at their presubdivision land use during that designated time period, subject to the provisions of § 199-18 hereafter. After three years, those lots will be assessed on an individual lot basis.
Notwithstanding the provisions of § 199-16 herein, individual lots within a subdivision will be assessed on an individual lot basis under any of the following circumstances:
A. 
Road construction is completed and utilities are available with respect to those lots.
B. 
Those lots are offered for sale or have been sold on an individual lot basis.
If, after the expiration of the three-year period, the owner of the subdivision does not wish to be taxed on an individual lot basis, said owner shall notify the Town Manager of the Town of Georgetown of this desire no later than the sitting of the Town Council as an Assessment Board of Appeals, as provided in § 26(d) of the Town Charter, during the final year of said three-year period. Thereafter, at the expiration of the three-year period, the subdivision approval of the Town of Georgetown shall expire and the subdivision shall be deleted from the property records of Sussex County.
This article shall apply to any and all subdivisions located within the corporate limits of the Town of Georgetown which shall receive approval by the Town subsequent to the date of enactment of this article. As to any and all subdivisions located within the corporate limits of the Town of Georgetown which are currently of record in the Office of the Recorder of Deeds, Sussex County, Delaware, the provisions of this article shall also apply, and the three-year period shall begin upon enactment of this article.