WILMINGTON — Mayor John Carney announced proposed changes to Wilmington’s property tax rates and senior tax exemptions in response to the citywide property reassessment conducted by New Castle County.
The updated property tax rates, which will take effect July 1, 2025, pending City Council approval, are based on a revenue-neutral model and are intended to offset the impact of reassessment while promoting greater equity in the tax system. Under the plan, the residential property tax rate will be set at $3.7413 per $1,000 of assessed value. The non-residential property tax rate will be $5.8276 per $1,000.
“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 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.”…