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4/9/2009
County now more dependent on property tax as other sources decline; deep slump in real-estate market makes realty transfer tax considerably less - Delaforum.com

New Castle County government has become more dependent on the property tax for financial support as other sources decline. Acting chief financial officer Ed Milowicki told a County Council budget hearing on Apr. 6 that the proposed fiscal 2010 operations budget anticipates the tax generating $106.4 million, or 65% of all revenue. That would be up from an anticipated $84.3 million, or 50%, this year. The deep slump in the real-estate market has made the realty transfer tax, which was relied upon heavily in previous years, considerably less of a contributor -- 9.4% of the total in fiscal 2010, versus 27% in fiscal 2006.

While there has been a noticeable pickup in real estate activity in recent weeks, he said it has mostly  involved re-financings, which are not subject to the realty transfer tax. Also, he pointed out, first-time home buyers do not have to pay the tax regardless of how much the property costs. Tax-exempt property -- which amounts to 22.6% of all property based on assessments -- 'costs' county government $30.9 million in revenue not received. Council president Paul Clark questioned whether the health-provider exemption Christiana Care holds applies to profit-making structures financed largely by doctors on its hospital campus.

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Latest News:
7/24/2018
  Councilman announces details of redevelopment at former AstraZeneca site
7/18/2018
  We are not developers: Under new ownership the DuPont Country Club will emphasize community
6/9/2018
  Bob Weiner Interview: Preserving & Repurposing Brandywine Hundred and Beaver Valley
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"Iíd like to express my appreciation to Councilman Bob Weiner who exhibits strength, determination and fortitude and is always on the side of the people. I followed Bobís actions when he was head of CCOBH's zoning committee and made strong efforts to try to stop the Brandywine Town Center construction. He has continued with energy and zeal in many pivotal positions in spite of enduring a lot of negative professional and personal attacks. I appreciate that he is never deterred."

Judy Magee

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