Delaware Sample Letter for Ad Valorem Tax Exemption
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FAQ
Delaware taxes real estate transfers at 4% of the purchase price for the property being transferred. However, Delaware law has a provision that allows for the county where the property being sold to levy a real estate transfer tax of 1.5%.
Applicant must be at least 65 years of age prior to July 1 of the fiscal year for which the exemption is sought. Applicant must own the property.
Form 5403 is provided by the Delaware Division of Revenue. This form must be filled out by the seller and submitted with the deed of sale whenever real estate is conveyed from one party to another.
No. The state of Delaware does not impose an inheritance tax when inheriting assets.
Realty transfer taxes are typically shared equally by the buyer and the seller.
First-time buyers in Delaware typically qualify for state-level exemptions. For example, Delaware first-time buyers automatically qualify for a state transfer tax exemption on a purchase price up to $400,000. First-time buyers purchasing property worth more than $400,000 will pay 1.25% of the amount above $400,000.
Cost of selling a home in Delaware Transfer taxes: Delaware has the highest state real estate transfer tax in the country: 4 percent of the purchase price, with 2.5 percent going to the state and 1.5 percent to the county.
Property Taxes: All real property is subject to tax unless specifically exempt. Personal property, tangible and intangible property is exempt.
