If you're a property owner in Dover, DE, then it's important to stay up-to-date on the latest information about property taxes. This guide will provide you with all the information you need to know about property taxes in and around Dover, including how to file for a tax exemption and what types of exemptions are available. We'll also discuss recent changes to the tax code that could impact your bottom line. So whether you're a new homeowner or just looking for more information on Dover's property taxes, this guide from Burns & Ellis Realtors has everything you need! If you are in or around the Dover area and looking for help navigating all things real estate and your property, contact the experts at Burns & Ellis Realtors today!
How Are Your Property Taxes Determined?
The first thing to know about property taxes in Dover is that they are based on the assessed value of your property. The assessor will determine the value of your property based on a number of factors, including its size, location, and features. Once your property has been assessed, you will be responsible for paying taxes on that amount. The good news is that Dover offers a number of exemptions that can help reduce your tax burden.
Exemptions
One of the most common exemptions is the Homestead Exemption, which allows eligible property owners to exempt up to $50,000 of their property's value from taxes. To qualify for the Homestead Exemption, you must be a Delaware resident and have owned your property for at least six months. You must also use the property as your primary residence. If you're a senior citizen, you may also be eligible for the Senior Citizen Property Tax Freeze. This exemption allows qualifying seniors to exempt up to $100,000 of their property's value from taxes.
To qualify, you must be at least 62 years old and have owned your property for at least one year. You must also use the property as your primary residence. There are also a number of other exemptions available, including those for veterans, disabled property owners, and low-income property owners. For more information on all of the exemptions available in Dover, you can contact the assessor's office.
The Tax Code
Recent changes to the tax code have also created new opportunities for property owners to save money on their taxes. For example, the federal government now allows property owners to deduct up to $750 of their property taxes from their income taxes. This deduction is available for both state and local property taxes, so it can really add up!
Get Professional Assistance
If you think you are paying too much in property taxes, and are curious about what exceptions you may be applicable for or other ways to lower them, it may be time to call in the experts. An experienced realtor, like those at Burns & Ellis Realtors can help you with all things real estate. Feel free to send us a message or give a call to our office in Dover, DE today to see how we can help!