The Tax Benefits of Living in Delaware

There are so many reasons to love Bayside; the beautiful Jack Nicklaus Signature Golf Course, the close proximity to the beach, the tennis courts, the small-town community feel—the list could go on forever.  One of the greatest benefits of owning a home here are the incredibly low property tax rates in Sussex County.   This year, like many years before, the county can boast one of the lowest property tax rates in the entire country.

On July 1^st 2013, Sussex County activated their 2014 budget, which focuses on conservative spending, maintaining grant funding for local service providers, and keeping property taxes consistent with previous years.  According to a press release issued by the Sussex County government, for the past 24 years, the county has kept their property tax rate at an incredible 44.5 cents per $100 of assessed value.

This is extremely beneficial, not only to Sussex County homeowners, but also to those who work in and visit the area regularly.  The rate can stay this low in part to the thriving housing market in the area.  Since the launch of our community in 2004, almost 700 beautiful Bayside beach homes have been sold.  Not only do these homeowners get an amazing deal on their property tax, they also enjoy the benefits of Sussex County’s efficient and effective budgeting.

To those in the market for a new vacation home or a permanent beach home, the Bayside community offers homes that are great for many reasons, a low property tax rate being just one of them.  Delaware also has no sales tax on retail items, no inheritance tax, and no tax on social security benefits.

Additionally, homeowners who are 65 years or older will receive a credit equal to half of the school property taxes and for those who are 60 years or older, up to $12,500 of their retirement income is tax exempt.  This allows you to enjoy your time at the beach or on the golf course, all while preserving your savings.  As you can see, the benefits in Delaware go far beyond the property tax rates, making it one of the best places to retire and relax.

Source: Sussex County Government- News Release