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Council members debate ordinance to move up to $15 million from tax stabilization to reassessment reserve
Summary
Council discussed Ordinance 25-095 to transfer $5 million annually from the tax stabilization account to a reassessment account (up to $15 million); members were split on timing and fiscal prudence but no final vote on the ordinance was recorded at the Finance Committee meeting.
On July 22 the Finance Committee discussed ordinance 25-095, sponsored in the meeting by a council member on the floor, which would amend New Castle County Code Chapter 14 to require an annual July transfer of $5 million from the tax stabilization reserve to a tax reassessment account, up to a $15 million total transfer. The sponsor described the measure as a way to ensure funds are available for the county's periodic reassessment and to avoid…
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