It's important to note, however, that actual taxes may vary from the expected amount. That means a homeowner with a home worth $150,000 can expect to pay $765 annually in property taxes. The average effective property tax rate in Kent County is about 0.51%. The low rate is $3.035 per $100 of assessed value in the Indian River School District. Rates vary within Sussex County by school district. The median home value in Sussex County is about $248,900, so that makes the median effective property tax rate in Sussex County 0.34%. In fact, a typical Sussex County homeowner pays just $858 annually in property taxes, which comes in at about one-third of the U.S. Sussex County has some of the lowest property tax rates, not just in the state of Delaware, but in the entire country. Qualifying seniors must have a maximum income of $19,000 for married couples or $15,000 for singles, excluding Social Security income. Seniors can claim an exemption of up to $715.64 annually and may also receive a discount on their sewer and water bills. The city of Wilmington also offers a property tax exemption for senior citizens. However, assessed value is just a fraction of current market value, so the effective tax rate in the city is much lower. In Wilmington, the largest city in the state, the property tax rate is $1.995 per $100 of the assessed value of a property. Even so, it means that property taxes on a $200,000 home would be just $1,480 annually. That's more than double the rate in Sussex County. The median effective tax rate in New Castle County is about 0.74%. While New Castle County has the highest property tax rate of Delaware’s three counties, property taxes are still quite low when compared nationwide. Looking to calculate your potential monthly mortgage payment? Check out our mortgage calculator. The table below shows the effective tax rates, median home values and median annual property tax payments for all three Delaware counties. Effective tax rates are annual taxes paid as a percentage of current market value. It is helpful, therefore, to look at effective tax rates. Areas like Sussex County, which has not had a reassessment in 45 years, may have higher rates because assessed values are so low. Property tax rates in Delaware are largely affected by the state’s reassessment system. That means assessed values are a fraction of current market values. As you can imagine, home prices in the reassessment years for each county were significantly lower than they are now. Even in those cases, however, the assessor does not try to determine current value, rather what the value would have been in the reassessment year. If a homeowner makes additions to a property or builds a new structure on the lot, the value is reassessed. In Kent County, for example, assessed values are equal to 60% of the 1987 market value. Assessed values are based on the market value as of that reassessment year. Municipalities also have their own assessments, although some simply use the county assessment. In Sussex County, the reassessment year is 1974. In New Castle County, the reassessment year is 1983. For example, the Kent County reassessment year is 1987. Instead, all counties and cities base their property taxes on the values calculated the last time all property was reassessed. Unlike most other states, local governments in Delaware do not reassess property values on a regular basis. Financial advisors can also help with investing and financial plans, including taxes, homeownership, retirement and more, to make sure you are preparing for the future. If you’re considering buying property in Delaware, you’ll want to use SmartAsset’s Delaware mortgage guide as a reference for information on rates and getting a mortgage in the First State.Ī financial advisor in Delaware can help you understand how homeownership can fit into your overall financial goals. Below, we will take a closer look at rates and rules in Sussex, New Castle and Kent counties. Rates vary between and within those counties. Delaware Property Taxes Photo credit: ©/aimintangĭelaware’s three counties are responsible for administering and collecting property taxes in the state.
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