Example of New Castle County Property Tax Calculation
New Castle County Property Tax is calculated based on the assessed value of the property. The assessed value of the property is determined by the local government assessors who evaluate the property and determine its market value.
Once the assessed value is determined, it is multiplied by the applicable tax rate. The tax rate is set by the local government and varies depending on the district where the property is located.
For example, if the assessed value of a property in New Castle County is $200,000 and the tax rate for the district is 1.25%, then the annual property tax would be $2,500.
Property owners in New Castle County may also be eligible for certain exemptions or discounts on their property taxes if they meet certain criteria, such as being a senior citizen or a veteran.
It is important for property owners to understand how their property taxes are calculated and to stay informed about any changes in tax rates or exemptions that may affect them.
If you want appeal your property tax assessment - contact your local tax assessor.
New Castle County Property Tax Rates
The New Castle County Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General Fund | $0.535 |
| Paramedics | $0.041 |
| Open Space | $0.0125 |
| County-wide Library | $0.083 |
| Fire School | $0.0125 |
These rates apply to all properties within New Castle County and are subject to change annually. It is important for property owners to stay informed of any updates or changes to the property tax rates in order to accurately budget for their expenses.
Who sets property tax rates in New Castle County ?
The property tax rates in New Castle County are set by the New Castle County Board of Assessment. This board is responsible for determining the value of properties in the county and assessing taxes based on those values. The rates are set annually and are typically announced in mid to late June. These rates are based on the current property values and the budget needs of the county. Property owners in New Castle County can expect to receive their tax bills in early August, with payment due by September 30th. If you have any questions about your property tax bill, you can contact the New Castle County Office of Finance.
Homestead exemptions in New Castle County ?
To help homeowners in New Castle County, Delaware, it's important to know the various Homestead exemptions and deductions available. Here's a table that includes all county-specific exemptions and deductions, organized by exemption, eligibility, amount, and notes:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Senior Exemption | Age 65 or older, or disabled | $44,500 | Applies to primary residence |
| Veterans Exemption | Honorable discharge, wartime service | $22,250 | Applies to primary residence |
| Blind or Disabled Exemption | Blind or disabled | $18,000 | Applies to primary residence |
| Surviving Spouse Exemption | Spouse of eligible veteran or deceased homeowner | $15,500 | Applies to primary residence |
| School Tax Credit | Homeowner with school-age children | Up to $500 | Must provide proof of school enrollment |
It's important to note that eligibility and amounts may vary depending on individual circumstances. Homeowners are encouraged to consult with their local tax assessor's office for more information.
Overall, these Homestead exemptions and deductions can provide significant relief for homeowners in New Castle County, helping them to save money on their property taxes and ultimately stay in their homes longer.
When is New Castle County Property Tax due ?
New Castle County Property Tax is typically due on March 1st of every year. However, taxpayers have the option to pay their property taxes in two installments – the first installment is due on March 1st and the second installment is due on September 1st.
There are several payment methods available for New Castle County Property Tax. Taxpayers can make their payments online, in person at the New Castle County Government Center, or by mail.
Here is a breakdown of the payment methods for New Castle County Property Tax:
| Payment Method | Details |
|---|---|
| Online Payment | Taxpayers can pay their property taxes online using a credit card or electronic check through the New Castle County website. |
| In-Person Payment | Taxpayers can make their property tax payments in person at the New Castle County Government Center located at 87 Reads Way, New Castle, DE 19720. Payments can be made by cash, check or money order. |
| Mail-In Payment | Taxpayers can also mail in their property tax payments to the New Castle County Treasurer's Office at P.O. Box 15187, Wilmington, DE 19850. Payments should be made by check or money order and should include the tax account number on the check. |
It is important for taxpayers to note that late payments will result in penalties and interest fees. Therefore, it is recommended to make property tax payments on time to avoid additional charges.
If you have more questions - contact your local tax collector.
How is New Castle County Property Tax penalty calculated ?
New Castle County Property Tax Penalty Calculation:
The penalty for late payment of property taxes in New Castle County is calculated based on the amount of taxes owed and the number of days late. The penalty is 1.5% per month, or 18% per year, of the taxes owed.
Here is an example of how the penalty is calculated:
| Tax Amount Owed | Days Late | Penalty |
|---|---|---|
| $10,000 | 30 | $450 |
| $5,000 | 60 | $135 |
| $2,500 | 90 | $67.50 |
In the first example, if the property owner owes $10,000 in taxes and is 30 days late in paying, the penalty would be $450 ($10,000 x 1.5% x 1 month).
If the property owner owes $5,000 in taxes and is 60 days late in paying, the penalty would be $135 ($5,000 x 1.5% x 2 months).
If the property owner owes $2,500 in taxes and is 90 days late in paying, the penalty would be $67.50 ($2,500 x 1.5% x 3 months).
It is important for property owners in New Castle County to pay their property taxes on time to avoid penalty fees.
We recommend contacting the New Castle County Tax Office or a local tax professional for the most up-to-date and accurate information.