Wilmington could put a year-long moratorium in place on some residential and commercial property foreclosures.
Property reassessment saw many property values jump, especially in low-income residential neighborhoods in Wilmington.
If passed, City Councilmember Coby Owens’s proposed ordinance will establish a year-long moratorium on residential and commercial foreclosures that saw their property taxes increase by 25% or more between Fiscal Years 25 and 26 following property reassessment…