New Castle County has announced that the firm conducting its countywide reassessment is now out in the field and inspecting properties, including commercial, office, and other non-residential properties. The goal is to inspect every property in the County. Most of these inspections will simply be exterior inspections, but some internal inspections will be conducted. Inspectors may also request financial information as part of the reassessment process. Current plans call for all properties to be assessed at their July 1, 2024 fair market value, with the goal of having the new assessments in place for the fiscal year starting July 1, 2025. Existing tax rates will be downward adjusted so that the overall assessment should be revenue neutral (although school districts have the option to raise total revenue collected by 10 percent without a referendum; the County can, of course, raise tax rates at any time). Individual properties may see their tax bills go up or down, depending on location, type of property, etc.

What You Need to Know:

• New Castle County, Delaware has started its county-wide reassessment process (the first since 1983), which is set to take effect July 1, 2025.
• County assessors have begun the process of inspecting every property in the County.
• The reassessment is supposed to be revenue neutral, and the tax rate reduced to match the increase in total assessed property value.
• Property owners with questions can call the County (or call us here at Saul).

For a past notice regarding the statewide reassessment process, click here. For a video of a one-hour presentation on the reassessment process, click here.