Delaware committee sets farmland values and reports its work

The law establishes a state committee with 8 voting members and 3 nonvoting county assessment officials. All members must live in Delaware. The nonvoting members are assessment officials from New Castle, Kent, and Sussex counties. The voting members include the Finance secretary, appointees with agricultural financing and farmland valuation experience, and people selected from lists provided by the State Grange, Farm Bureau, and Delmarva Chicken Association. The Agriculture secretary and University of Delaware agriculture dean, or their designees, also vote. No more than 4 voting members may belong to the same political party. Members serve 4-year terms starting July 1 of the appointment year and may serve 2 additional terms.

The committee sets farmland value ranges and reviews its valuation formula and methods. The value ranges cover land used for farming, horticulture, or forestry. Formula reviews also cover qualified farm structures. The committee considers soil survey information and other relevant evidence about land used exclusively for farming, horticulture, or forestry. Its formula must use at least the previous 20 years of land values. The formula and methods must be reviewed at least once every 2 years.

The committee meets publicly and reports its determinations and formula reviews. The annual report goes to the Governor, General Assembly, Legislative Services officials, and each county’s assessing authority. The Department of Finance, through its secretary, provides reasonable staff support. The annual report is due by February 1 each year.