(a) All property subject to assessment shall be assessed at its fair market value as of the date of the most recent reassessment base year in the county. (b) (1) All real property must be reassessed by the county in which the real property is located at least once every 5 years. (2) Each 5-year period under paragraph (b)(1) of this section starts on the date a county board of assessment adopts a certification under § 8314 of this title reflecting the completion of a general reassessment of all real property within that county. (Code 1852, § 170; Code 1915, §§ 1133-1133B; 28 Del. Laws, c. 79, § 23; 29 Del. Laws, c. 72, § 25; 30 Del. Laws, c. 77, § 23; 31 Del. Laws, c. 14, § 8; 32 Del. Laws, c. 69, § 3; Code 1935, §§ 1280, 1294, 1333; 9 Del. C. 1953, § 8307; 84 Del. Laws, c. 162, § 1; 84 Del. Laws, c. 412, § 9.)
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