Home Buying in Westmoreland>Question Details

Mct, Home Buyer in Wilmington, DE

Real Estate Taxes

Asked by Mct, Wilmington, DE Sat Nov 7, 2009

How do school and property taxes get assessed on a new homeowner when they buy an existing home? Does the assessed value stay the same, or does thecounty use the sale price?

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Taxes are based on assesed value and are not tied to the actual sale price. If you dispute the value that the county has placed on your home because you paid far less than the assesed value you can ask the county to review the valuation and see if the property is still worth the amount on the assesment.
1 vote Thank Flag Link Sat Nov 7, 2009
The property tax on a home is public record. Most counties/cities have a website that you can look the taxes from last year ~ which is pretty good gauge (depending on local politics) of this years tax rate - for an existing home.
0 votes Thank Flag Link Tue Dec 15, 2009
If my memory serves me right the homes in New Castle County De were assessed in 1983. This does not change no matter what you pay for the home unless you have an addition added to the home, then the county may re assess your property accordingly. When purchasing new Real Estate the county uses a formula to assess the home, one that you may contact NCCo Land use department for.
0 votes Thank Flag Link Tue Dec 15, 2009
Dear Mct,

If you are buying a resale home, you will be assessed at the same rate as the previous owner. The pro-rated annual taxes will be on the settlement sheet. But if you have an agent, they can get a copy of the current tax bill and that will show you the assessed value of the property and the current rate. Otherwise, you can call the New Castle County tax assessor's office. Hope this helps. If you need any further information or assistance, please don't hesitate to call or email me at: driffee@psre.com
0 votes Thank Flag Link Wed Dec 2, 2009
MCT
Delaware is a little different. We have not had a full county assessment since 1985 or so. Assessed values here have no real relationship to the purchase price of home (with the possible exception of new construction). Resale purchasers will normally be assessed at the same rate the sellers were assessed. To combat rising expense levels to the schools and county, the factor (number multiplied by the assessed value) is adjusted by the county. For any home that you are interested in, your Realtor can find out the approximate taxes assessed on the property. Hope this helps.........................................chris
Web Reference: http://Come2DE.com
0 votes Thank Flag Link Sat Nov 7, 2009
Depending on your state and township...however, they usually assess the taxes according to sale price, surrounding homes in the immediate area that have closed within a certain period of time. Best thing you can do is do to the township that the home your purchasing is in and ask them how they base their assessments.

Good Luck
0 votes Thank Flag Link Sat Nov 7, 2009
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