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Housing Statistics Coastal Delaware 2012

This past month I got a call from Where to Retire Magazine. They are doing a Feature Article on the Lewes/Rehoboth area for the September/October issue and they asked lots of questions - the same questions you might ask. They talked with recent retirees that are now living in one of our Active Adult communities. Look for the article and tell your friends!

Then they asked me to provide some statistics on Taxes in Delaware and on the Median Sales Activity since the beginning of the year. Well, first I sent them a link to our Delaware Tax FAQsfor answers to all the questions we get about property taxes, sales tax, property tax and all things tax related here in Coastal Delaware.

The actual methodology can be complex, but here is how we estimate it for our clients:

  • The Sussex County property tax on a $350,000 home is going to be approximately $1200 $1500 per year.
  • When you turn 65, you will be eligible for a reduction in that tax of up to 50% of the school tax up to $500!
  • If your home is located within town limits, your town or city property tax could range from $400 to $1200/year.
  • Properties are not reassessed when sold even though rates may increase.

I realize this is a rough estimate, and I am not a tax expert, but if you are relocating from New Jersey or Maryland, you will enjoy taxes that are much lower than you are used to paying.

What is the Median Home Price?

Then, they wanted to know what the Median Sales Price has been so far this year. Sussex County has such a variety of communities, I looked at this in two different ways:

  • In Lewes/Rehoboth Beach, the median sales price for a single family home YTD 2012 is $372,000.
  • In all of Sussex County, the median sales price for a single family home YTD 2012 is $296,708.

When I look back on our sales for the past few year, I can say that most of our clients have found homes in this price range.

Questions? Please email Kathy and shell help you find the answers.

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