New Castle County Just Fixed A Big Property Assessment Error

New Castle County just fixed an error and gave the building at 801 N. Orange a new assessment of more than $60 million.

How did this happen?

🤔 During the reassessment, Tyler Technologies assessed 801 N. Orange, a 200+ unit luxury apartment building at 801 N. Orange St, at just $344,100.

❗Residents spoke up about the unfairness of this assessment, especially when compared to properties in Wilmington's neighborhoods that were assessed for more than what they could be sold for, like the small mixed-use property at 831 1/2 N. Church St. that was assessed at $352,000.

🦾This spring, state legislators passed SB 228, which encouraged New Castle County to identify under-valued commercial properties and correct errors. THANK YOU DE state legislators, especially Rep. Cyndie Romer, who worked to get this legislation passed and made sure it didn't limit New Castle County's existing authority to correct errors.

👏 New Castle County re-assessed some of the properties with obvious errors.

✔ This is an important step in the right direction. The owners of valuable properties need to pay taxes on assessments that equal fair market value to sustain vital public services like police, fire, and public education.

➡ But more needs to be done!

😮 Many valuable properties still have assessed values that are much less than what they are worth.

😮The owner of 831 1/2 N. Church St. and many other owners of residential properties and small businesses are still trying to get the assessment of their properties reduced to equal what they could be sold for.

➡ New Castle County needs to keep fixing assessment errors that undervalued big commercial properties and overvalued many modest homes and small businesses and correct them so every property's assessment equals its fair market value as required by state law. Everyone needs to pay their fair share of taxes!

See new assessment of 801 N. Orange here: https://www3.newcastlede.gov/parcel/Details/Default.aspx?ParcelKey=176126