Why Should Delaware Care? Reporting “nominal” sale prices for properties has been a common practice in Delaware for decades, with some arguing it protected their private information. But that practice could soon come to an end after New Castle County officials requested that lawmakers prohibit it.
A longstanding practice of buyers of properties intentionally listing inaccurately low sale prices – such as $1 or $10 – might end soon for Delaware’s real estate market.
During a legislative committee meeting to examine Delaware’s recent property reassessments last week, New Castle County officials asked lawmakers to pass a law prohibiting the practice of listing “nominal” sale prices, saying it added a layer of difficulty to accurately reassessing property values…