New Castle County residents are in store for an unprecedented property tax rebate, and the savings are already on the way to local mailboxes.
If you live in the county and notice something different with your most recent tax bill, don’t be alarmed. We’ve got details on what you need to know about your latest bill statement.
What is the tax credit?
Delaware Online/The News Journal previously reported that New Castle County residents would get a slight break on next year’s property tax bill after County Executive Matt Meyer proposed a one-time 5% tax credit for New Castle County residential property owners for the 2024 fiscal year.
Meyer included the initiative in his budget proposal for the 2024 fiscal year, unveiled in late March, and said it would help offset the rise in inflation. He added that the county had over $150 million in tax reserves, proposing to use around $4.6 million to give back to the county’s residential property owners.
No tax or fee increases were announced.
“My job every day is to provide county residents with the highest quality services at the lowest possible cost,” said Meyer. “After years of hard work expanding services while generating savings, we are proud that when you receive your tax bill this year your county tax will be lower than last year.
“In my lifetime, a county executive has never reduced property taxes. We will continue to work to deliver more efficient and honest government to you.”
How will the tax credit work?
The 5% tax credit will be applied to 2023 annual property tax bills and is applicable only to owners of residential property.
The median property tax for homes outside of incorporated areas is about $530 a year. If this tax credit is approved, the average unincorporated property owner would save around $26.
Residents in incorporated New Castle County (Wilmington, Newark, etc.) would save less.
For homeowners paying property taxes through their mortgage companies, the savings would be seen in your escrow account.
When will I receive the tax credit?
The rebate, included in the most recent tax bill, already should be making its way to residents in the county, according to Brian Cunningham, New Castle County spokesman.
Some residents may not notice the rebate because it could be included in their monthly mortgage payment, he said.
Reporter Molly McVety contributed to this report.
Got a tip or a story idea? Contact Krys’tal Griffin at kgriffin@delawareonline.com.
Delawarean fears for relatives on Maui:‘I don’t know about my loved ones’: Delaware woman fears worst for relatives on Maui
Weekend beach guide:Last days of summer at the Delaware beaches: Your weekend guide
