New Castle County must fulfill its obligation to assess properties at fair market value
Paying taxes is like sharing the bill at a restaurant. If someone else pays less, you pay more. For school taxes, the bill is the school district budget, and the people splitting the bill are taxpayers.
When one property isn't paying it's fair share, other taxpayers have to pick up the difference.
That's why we need New Castle County to fulfill its obligations under state law to assess the Saville - and others that are assessed wrong!- at its fair market value!
Fair market value is another way of saying what a property could be sold for.
The Saville, a 42 unit apartment building on Market St, sold for $10,500,000 million on 3/17/2023.
New Castle County assessed it at just $3,960,400.
You will be receiving your school tax bill in November this year instead of July because state legislators passed a law asking New Castle County to conduct a "quality control review" of assessments of commercial properties. Instead of using that time to find and fix the errors, New Castle County chose to issue a report about process improvements for its next reassessment.
That's not enough. We need to ask New Castle County to focus on finding and fixing the errors right away!
Parcel Info
Read the press release about the state law asking New Castle County to find and fix assessment errors of New Castle County here:
See the legislation here:
See the report New Castle County just published here:
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