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Sussex County Property Reassessment

Sussex County Property Reassessment
Property reassessment is underway in all three Delaware counties. In Sussex County, properties will be updated from 1974 assessed values to current market values. 

For information about Sussex County property reassessment:
https://sussexcountyde.gov/reassessment 

How will property reassessment affect the referendum?

  • County property reassessment will not impact the referendum
  • Property reassessment must be revenue neutral for school districts
  • Tax rates must be adjusted so that school districts collect the same amount as they did prior to reassessment
  • Residents will not be taxed at the current rates for their reassessed property values

State law allows school districts to collect up to 10% in additional local revenue following reassessment. This would require approval by the Board of Education.  

Reassessment Calculation
For Reference purposes only

In 2024:
• The District is projected to collect approximately $46 million.
• The taxable assessed value is $1.96 billion in 1974 values.
• The District’s current expense tax rate is $2.35 per $100.

In 2025: (estimate only – actual numbers yet to be determined)
• Assuming no growth, the District will collect approximately $46 million.
• The taxable assessed value could be $40 billion in 2023 values.
• Staying revenue neutral (pending School Board decision), the District current expense tax rate would be lowered to  $0.1152 per $100 under this scenario.

Calculations:
$1.96 billion/100 X $2.35 = $46 million and $40 billion/100 X $0.1152 = $46 million
Revenue neutral is based on districtwide revenue, not on individual homes

Home 1: Taxable Assessed Value: $24,000 (1974) - $490,000 (2023); Current Expense Property Taxes: $564.00 (2024) - $564.24 (2025)
Home 2: Taxable Assessed Value: $24,000 (1974) - $780,000 (2023); Current Expense Property Taxes: $564.00 (2024) - $898.17 (2025)
Home 3: Taxable Assessed Value: $24,000 (1974) - $200,000 (2023); Current Expense Property Taxes: $564.00 (2024) - $230.30 (2025)
TOTAL: For three homes, the district COLLECTS $1,692.00 (2024) and $1,692.71 (2025)

Other points to consider…

  • Higher-value homes that were previously under-assessed may see a tax increase
  • Lower-value homes that were previously over-assessed may get tax relief
  • Reassessment helps distribute the tax burden more equally