Delaware residents could soon be facing a double-digit property tax increase even after the city canceled its Independence Day festival and fireworks to close a $2.3 million budget gap.
Here’s what to know
As the Newark council reviews budget choices for 2027, City Manager Tom Coleman has laid out multiple tax scenarios. According to the Newark Post, his preferred approach pairs a 22% rate increase with a homestead exemption that would subtract $50,000 from the taxable assessment of qualifying owner-occupied homes.
Rental units would be excluded from that break, and commercial parcels would continue to pay the full 22% increase. Officials estimate the plan would bring in roughly $1.6 million annually with the typical homeowner owing about $93 more, compared with about $165 more for the average rental property.
Council could instead choose a simpler 16% increase with no homestead exemption. In that case, the average resident’s tax bill would rise by $144 in 2027…