Delaware remains a low-tax state in a number of categories.
The WalletHub financial advice site reported that the First State ranked as the fourth lowest in the nation in property taxes. Delaware also saw among the lowest annual increases in property
Other highlights from the report:
• Vehicle Property Tax Rank: 1st
• Real-Estate Tax on Median State Home Value: $1,243
• Real-Estate Tax on Median U.S. Home Value: $959
• Vehicle Property Tax on Best-Selling Car: $0.00
The state’s low property tax has been a drawing card for residents of other states who have moved to the First State. This is especially true in Sussex, the state’s southernmost county.
Neighboring New Jersey has the nation’s highest property taxes.
Delaware also has no sales tax, but relies heavily on corporate fees and the personal income tax.
The state is currently facing a $350 million shortfall in its upcoming budget and there has been talk of a state property tax or other revenue sources in an effort to plug the gap.
For the full report, click here.
