New Castle County2024 Property ReassessmentSummary of Official Tyler Technologies Report
Comprehensive overview of New Castle County's first property reassessment in over 40 years, covering methodology, findings, and impact on $120.06 billion in assessed property value.
Overview
New Castle County completed its first comprehensive property reassessment in over 40 years, with new property values effective July 1, 2024. Tyler Technologies conducted this county-wide revaluation, assessing 214,788 parcels with a total value of $120.06 billion.
This reassessment was mandated by Delaware courts to address inequitable property valuations and ensures all properties are assessed at fair market value. The county has stated a commitment to revenue neutrality, meaning the total amount of property tax collected county-wide should not increase due to the reassessment alone.
Scope and Scale
Total Properties Assessed
214,788
parcels county-wide
Total Assessed Value
$120.06B
total valuation
Property Type Breakdown
Valuation Methodology
According to Tyler Technologies, they employed three appraisal approaches described in their report as internationally recognized, selecting the most appropriate method for each property type:
Sales Comparison Approach
Used primarily for residential properties, analyzing 8,890 verified property sales from January 2021 through July 2024 to determine market value based on comparable properties.
Cost Approach
Calculated replacement cost minus depreciation, particularly useful for newer properties or unique buildings with limited comparable sales.
Income Approach
Applied to commercial and investment properties, determining value based on rental income potential and market capitalization rates.
Methodology Limitations
Tyler's report notes several extraordinary assumptions in their methodology, including that interior conditions match exterior observations since full interior inspections were not conducted for most properties. The assessment assumes fee simple interest and average market conditions for all properties.
Geographic Organization
The county was divided into seven geographic zones to account for location-based value differences:
Quality Assurance Process
Tyler Technologies reports that the reassessment adhered to professional standards established by the International Association of Assessing Officers (IAAO) and the Uniform Standards of Professional Appraisal Practice.
Review Process
- • Physical exterior inspections of all improved properties
- • Informal hearings for approximately 11,500 property owners
- • Value revisions for roughly 25,000 parcels based on owner discussions
- • Multiple review stages before final submission
Market Context
Residential Market
Median Sales Price: $369,900 (5.7% year-over-year increase)
Average Sales Price: $407,461 (4.3% year-over-year increase)
Commercial Market
Mixed conditions with multi-family properties showing resilience, while office markets faced challenges, particularly in downtown areas.
Implementation Timeline
Key Findings
Impact of 41-Year Gap
The extended period since the last reassessment created extraordinary circumstances, with properties assessed at 1983 values bearing no relationship to current market conditions. The Tyler report describes commercial markets as stable during the reassessment period, while residential properties showed significant appreciation.
Professional Standards Performance
Tyler Technologies states that the reassessment meets industry standards and professional requirements. Most valuation models met International Association of Assessing Officers (IAAO) standards, though some geographic areas exceeded recommended variance thresholds for property value uniformity.
Tyler reports that results fall within what they describe as accepted professional standards for mass appraisal projects of this scope and complexity.
Property Owner Rights
Appeals Process
Property owners who disagree with their new assessments can file formal appeals through New Castle County's assessment appeals process. This is separate from the informal hearings that were conducted by Tyler Technologies during the reassessment project.
The informal hearing process was part of Tyler's work and resulted in value revisions for approximately 25,000 parcels. Formal appeals are handled by the county's appeals process.
Appeals Deadlines: The formal appeal deadline for 2025 assessments was March 31, 2025 and has closed. Property owners can appeal their 2026 assessments with a deadline of March 14, 2026.
Revenue Neutrality Policy
New Castle County has stated a commitment to revenue neutrality, meaning the county intends to adjust tax rates to offset overall assessment increases. This is a county policy decision separate from Tyler's valuation work.