If you moved to Delaware when you reached “active adult” status it might have been for our peaceful beaches, abundant natural spaces (including our pristine parks https://www.destateparks.com/) or the opportunity to live in a beautiful home in an amenity-rich community https://www.activeadultsdelaware.com/featured-areas/.
But you might have also been motivated by your smart grasp of finances and the probability that your retirement funds will enable you to live very well! If so – and if you’re 65 years old or older – you need to act quickly to save money on your property taxes with Delaware’s Senior Citizens School Property Tax Credit. The bottom line is that you’ll get a credit of up to $500 against regular school property taxes if:
- Your home is your full-time residence
- You’ve lived in Delaware for the last 10 years – meaning you moved here in 2015 or earlier.
- You have a Delaware driver’s license
- IMPORTANT NOTE: Did you move here 10 years ago but have changed residences? If so you need to know that your current exemption doesn’t automatically transfer to the new property. You’ll need to fill out a new application to get the credit, and your driver’s license needs to be updated with the new address as well.
Visit this link https://finance.delaware.gov/senior-relief/ for the application and answers to frequently asked questions, including how you’ll receive the credit and how to apply. Keep in mind that you need to apply by April 30th.
And speaking of finances . . . If you’re thinking about making the move (or just want to feel even better after doing so), consider these additional reasons for making Delaware your home state:
- Our property taxes are very low, which is why so many folks are moving from states where taxes are a lot higher. Nationwide, our rate is the seventh lowest. Statewide the average county tax rate is about 55 % but you can check your rate by County with this calculator https://www.zillow.com/mortgage-calculator/property-tax-calculator/
- There’s no sales tax, which means you’re going to save a lot of money on furniture, appliances, groceries, dining out, and other significant expenditures
- There’s no state tax on your social security benefits, which is another reason why your retirement funds will go a lot farther.