Wilmington Mayor John Carney is making a couple of property tax proposals that he believes will help property owners adjust to their new property assessments developed by New Castle County.
If City Council goes along, a new residential property tax rate would take effect July 1st. The Mayor said not everyone would see an increase, but those that do could see their bills go up by about $223 this year. The residential property tax rate would be set at $3.7413 per $1,000 of assessed value. The non-residential property tax rate would be $5.8276 per $1,000 of assessed value.
According to Carney, the bifurcated rate structure would be a one-time adjustment intended to facilitate more equitable taxes across sectors…