WILMINGTON, DE – Today, Mayor John Carney announces his plan to help property owners adjust to their new property assessments developed by New Castle County. These changes are rooted in the City’s ongoing efforts to achieve fairness, to respond to the evolving economic realities and to address the inequities of the newly assessed values.

Pending the approval of City Council and based on a revenue neutral calculation, effective July 1, 2025, the new residential property tax rate will be $3.7413 per $1,000 of assessed value. Not every resident will see an increase, but those that will see one can expect an average increase of $223 this year. The non-residential property tax rate will be $5.8276 per $1,000 of assessed value. This bifurcated rate structure is a one-time adjustment intended to facilitate more equitable taxes across sectors.

“These updated rates reflect our intent to make the property tax system more equitable and to address the challenges we see with the property reassessment process,” said Mayor John Carney. “We recognize the financial pressures on our residents and businesses, and this temporary structure is a step toward a fairer system for everyone in the short term.”

In addition to the bifurcated rates, the City is also implementing a change to the senior property tax exemption program. The new eligibility criteria are households at 100 percent of the Federal Poverty Level (FPL), and it will apply to the first $210,000 of the assessed home value. This change is a permanent part of the City’s tax policy and is designed to provide meaningful relief to seniors on fixed income, ensuring they can remain in their homes and communities.

“Our seniors have worked their whole lives to participate in the American dream and because of the new assessed values we must adjust this program,” said Mayor John Carney. “These actions are about making sure that everyone, especially our most vulnerable residents, are treated fairly and with respect in the tax system.”

The new senior tax program will go into effect on July 1, 2025.

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