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Delaware Property Transfer Tax Exemption for First Time Home Buyers - New Castle County

Delaware Property Transfer Tax Exemption for First Time Home Buyers - New Castle County

ATTENTION: Delaware First Time Home Buyers

Many Delaware municipalities and counties have enacted the 1½ percent tax, so generally the Delaware transfer tax is a total of 3% (1½ percent to the State and 1½ percent to the county or municipality). This amount is split between the buyer and seller of real estate, unless the parties agree otherwise.

The State offers NO Property Transfer Tax Exemption; however, the New Castle County has an exemption - .75% of county transfer tax fee - for first time home buyers (FTHB). 

The exemption is not available for properties in the following areas: City of Newark, the City of New Castle, the Town of Middletown, the Town of Newport, the Town of Elsmere, the Town of Odessa and the Town of Smyrna.

QUALIFICATIONS REQUIREMENTS for FTHB Property Transfer Tax Exemption :

City of Wilmington*

  1. You have not owned any real property within City of Wilmington for at least 3 years
  2. Or, you are a homemaker that has been displaced due to divorce or legal separation and have not owned any real property within Wilmington for at least 1 year
  3. Occupy the property as principal residence within 90 days

New Castle County

  1. Certify that you have NEVER previously OWNED PROPERTY anywhere
  2. Buy in an UNINCORPORATED city or town
  3. Occupy the property as principal residence within 90 days

*The City of Wilmington periodically offers programs waiving their portion of the Property Transfer Tax for buyers purchasing a home within the city limits. Please check with the City of Wilmington, Department of Finance for more information at 302.571.4300.

Additional Resources:

 

Information in this post is deemed reliable but not guaranteed. This post is for informational purposes only and is not a substitute for legal, tax or other professional assistance. 

 

If you have any real estate questions, please contact me. Whether buying, selling, or just curious to learn more, I'm here to assist you.  Please contact me with your questions. I look forward to hearing from you.

 

 

 Letitia Stevenson, REALTOR®  | Licensed in DE, PA & MD |  

Berkshire Hathaway HomeServices Fox & Roach, REALTORS® 

(Formerly Prudential Fox & Roach, REALTORS®)

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Comment balloon 0 commentsLetitia Stevenson • December 03 2009 07:11PM
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