Delaware Living: Not Too Taxing
New homes in Delaware, where life is good
Darley Green's new homes in Delaware are not only luxurious, affordable and situated in a prime Wilmington location, they provide all manner of benefits for residents. There is the easy access to the Wilmington Riverfront, and short driving distances to Philadelphia and New York. There is a wealth of onsite amenities, including restaurants, shops and a library.
But top of the heap for the financially-savvy Darley Green resident has to be the low cost of Delaware living, especially in comparison to neighbouring states.
Take a look at Delaware's tax benefits
The tax benefitsof living in Delaware include:
- No inheritance tax for most residents
- No sales tax on most retail items
- No personal property taxes
- No taxes on social security benefits
- Low property taxes
There are all sorts of other tax breaks and exemptions for specific groups. It's little wonder that, despite its small size, Delaware is one of thefastest growing parts of the country for real estate developers and homebuyers, and it's a major reason why people are snapping up new homes in Delaware like the ones found in the Darley Green community.
In Wilmington, the current rate for real estate taxes for the financial year is $1.7670 per $100 of the assessed value, which is one of the lowest in the U.S. But for many residents, its the long-term savings made on sales taxes that are the real boon for their bank balances. Along with Montana, New Hampshire and Oregon, Delaware is one of four states to have NO sales tax.
So what is the secret? State governments have realized that sales taxes tend to hit the poorest the hardest. While taxing retail goods may work as a source of revenue in the short-term, it ultimately drives consumers to more affordable areas, damaging the economy. Delaware has done away with sales tax, and picked up the slack with a flat corporate income tax of 8.7%. This translates into corporate tax collections which are the seventh highest in the country – not bad for the second smallest state in the union.
This situation has given rise to a string of strategically-placed malls and department stores popping up along the I-95, which fill with throngs of shoppers from neighbouring states like New Jersey and Baltimore, eager to take advantage of more affordable goods. It's one of the most well-known, well-regarded advantages of Delaware living.
Delaware living at Darley Green, a master-planned community
To take advantage of the low-or-no-tax situation in Delaware, why not consider Darley Green's Wilmington condos and townhouses. They provide a winning combination of affordability, luxury living and big-city convenience.
Our new homes in Delaware aim to provide residents with a relaxing home base from which to shop, dine and explore the surrounding area. If you'd like a tour of the Darley Green model homes, please call Community Sales Manager Amy Muluski at 302-655-2600. Homes are available to view daily between 11am-6pm.