[Adopted 5-31-1980 by Ord. No. 53; amended 7-26-1996 by Ord. No. 77]
Real estate properties in Fenwick Island, Delaware, on which new buildings are completed within the tax year shall be reassessed and taxed on a prorated basis for the remainder of the tax year starting with the first of the month following the date of issuance of the certificate of compliance by the Town Building Official. For the purposes of this article, new buildings are newly constructed dwellings or commercial buildings or structures.
The Town Building Official, upon issuance of a certificate of compliance for any newly completed building, shall furnish the Town Assessor with a copy of said certificate. The Town Assessor shall reassess the property and furnish the Town Manager the reassessed value of the real estate property at least 15 days before the end of the tax year. The Town Manager shall compute the prorated tax, based on the increased assessed value of the real estate property at the tax rate for the year in which the certificate of compliance was issued, and bill the real estate property owner for the prorated tax along with the bill for the next years taxes.