First Delaware Real Property Reassessment Since the 1980s

Delaware, a state known for its rich history and favorable business environment, is gearing up for a significant update in real property assessment values.

After a long hiatus since the 1980s, all three major counties in Delaware — New Castle, Kent, and Sussex — are preparing to conduct reassessments to reflect the current market conditions. This eagerly anticipated reassessment aims to bring property values in line with the evolving commercial real estate landscape.

Kent and Sussex counties take the lead by scheduling their reassessments with a valuation date set for July 1, 2023. By Tax Year 2024, they aim to finalize the reassessment, providing property owners with updated valuations.

New Castle County, the most populous county in Delaware, projects to release its reassessed values on July 1, 2024. The reassessment will be completed by Tax Year 2025, allowing property owners in the county ample time to adjust to any changes in property values.

These counties have enlisted the services of Tyler Technologies to carry out the reassessment process.

‍Delaware commercial property owners will be granted a three-month window to initiate an informal appeal for their reassessed property values. Tyler Technologies will likely require property owners to submit their appeals approximately 10 days before receiving the final informal value notification.

‍These commercial property owners should prepare themselves for substantial increases in property values across all three counties. With the commercial real estate sector experiencing nationwide transformations, particularly in the aftermath of the pandemic, it is inevitable that property values will surge to compensate for lost revenue and adapt to the evolving market conditions.

It's important to note that subsequent equalization board appeal deadlines will be adjusted based on the issuance of reassessment notices in each county's reassessment year.

‍Now is the time to talk to our experts for help determining whether your new assessment should be appealed.