When the County’s 2024 budget was announced in May, it included a one-time 5% property tax credit for all residential parcels.
That will be seen in the 2023 property tax bills, which are on their way to residential property owners in New Castle County.
New Castle County Executive Matt Meyer says despite the county’s community investments, they have repeatedly run surpluses in recent years - leaving the county with over $100 million in reserves.
“We looked at our budget and said ‘why don't we actually reduce taxes a little bit? We don't need as much revenue this year, we have plenty to cover the tremendous needs in this County.’ And so we're giving 5% back,” explained Meyer. “My understanding is that since the creation of the County Executive position nearly 60 years ago, this has never been done before. So I'm proud that I'm the first County Executive to announce a tax reduction.”
The tax rebate comes at a time when residents are facing extreme inflationary pressures, with prices rising in critical areas such as food, transportation, and insurance. This was one of the county’s motivating factors in making this historic decision.
As bills begin to arrive, Meyer notes that those who live in one of the county’s 14 incorporated municipalities, including Wilmington and Newark, will see less money back.
“Everybody gets 5% off their County taxes,” said Meyer. “County residents who live in municipal areas, including myself, get the same percentage decrease, but because your County taxes each year are probably $50-$300, 5% of that number is a lot smaller than 5% of $600-$2,000 that residents in unincorporated New Castle County pay.”
Homeowners who pay property taxes as part of the mortgage payments can look for the savings in their escrow accounts.
