Residents of New Castle County will receive a one-of-a-kind property tax rebate, as well as the savings are currently on their way to local receptacles.
Don’t be alarmed if you reside within the county and observe a difference in your most recent tax bill. We have the information you need about your most recent bill statement.
One-Time Proposed Tax Credit for New Castle County
County Executive Matt Meyer recommended a one-time 5% tax credit for New Castle County residential homeowners for the 2024 fiscal year, according to a previous report by Delaware Online and The News Journal.
This tax credit would apply to New Castle County residential property owners for the 2024 year of fiscal responsibility.
Meyer comprised the plan in his budget proposal for the 2024 fiscal year, which he unveiled at the end of March, and stated that it would assist in offsetting the rise in inflation.
He stated that the county had over $150 million in tax reserves and proposed to return approximately $4.6 million to residential property owners.
There were no tax or levy increases announced.
How Does the Tax Credit Work
The 5% tax credit will be applied to the annual property tax invoices for residential property owners in 2023.
The annual median property tax for unincorporated areas is approximately $530. If this tax credit is granted, the average unincorporated homeowner will save approximately $26.
The rebate, which was included in the most recent tax bill, should already be reaching county residents, according to New Castle County spokesman Brian Cunningham.
Some residents might not be aware of the rebate because it might be included in their monthly mortgage payment, he explained.
Residents of New Castle County municipalities (Wilmington, Newark, etc.) would save less.
The savings would be reflected in the escrow account of householders who pay property taxes via their mortgage companies.