Delaware Court unlocks opportunities to reduce property tax burden

Delaware Court unlocks opportunities to reduce property tax burden

wilmington

The Delaware Supreme Court made clear that properties must be valued as they exist today, not as they existed when brand new.

Reducing property tax assessments can be challenging under the best of circumstances, and distinctions between state tax systems make minimizing that burden across a commercial or industrial portfolio especially daunting.  Delaware’s property tax regime is amongst the most difficult systems in the United States, particularly as applied by its most populous county, New Castle County.  But a recent Delaware Supreme Court decision provides taxpayers with a new, yet surprisingly familiar, opportunity to ease the tax burden on properties in the First State: depreciation.

You can view the entire article as published on REBusinessOnline here.

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