One of the main reasons why many people choose to move to Delaware is the property taxes, which are quite favorable.
According to SmartAsset, Delaware comes in at number six on the list of states with the lowest property taxes. If you want to move and not have to pay crazy tax rates, Delaware is well worth considering.
The reason for low taxes
The reason why Delaware’s property taxes are so cheap is that the state bases them on assessments from decades ago. The state will not assess your property on a regular basis.
Each county uses the last assessment year. For Sussex Country, this was 1974. Kent County was in 1987, and New Castle County was in 1983. Obviously, property values at those times were much lower than they are now, so even though the percentage each county applies in taxes to your property seems high, the actual tax you pay is very low.
Even if you have a new home or make a substantial change to your home, the county will assess this based on the last assessment year value.
The rates by county
Sussex County has a tax rate of .34%, which is the lowest of the three counties. Remember, too, this county has the oldest tax assessment year. You should note that exact rates may vary due to school district taxes.
New Castle County has a rate of .73%, which is the highest rate. However, it does offer exemptions for seniors to lower taxes you actually must pay.
Finally, Ken County has a tax rate of .51%.