Marcus is a 68-year-old homeowner in New Castle County, Delaware who has lived in his primary residence for the past 15 years. His income is limited to Social Security benefits. He asks his real estate licensee whether Delaware offers any property tax relief programs for residents in his situation. Which of the following best describes a property tax relief program available to qualifying Delaware homeowners like Marcus?
Correct Answer
A) Delaware's Senior School Property Tax Credit, which provides a credit against school property taxes for qualifying senior residents aged 65 or older
Delaware offers the Senior School Property Tax Credit (also known as the Senior Property Tax Relief program) under 9 Del. C. § 8132 for New Castle and Kent Counties and equivalent provisions for Sussex County. Qualifying homeowners aged 65 or older who use the property as their primary residence may receive a credit against school property taxes. This is a real, Delaware-specific relief program directly applicable to Marcus's situation as a senior homeowner on a fixed income.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A transfer tax is a tax imposed on the transfer of ownership of real estate.
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
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