19962 Property Tax Rate

Property owners in ZIP code 19962 (Magnolia, Delaware) pay a median of $1,617/year in property taxes on homes valued at $357,000. This translates to an effective tax rate of 0.45%, which is 12% below the Delaware state average of 0.51%.

The monthly property tax burden for a median-valued home in 19962 is approximately $135, which factors into escrow payments on mortgages. This ZIP code is located within Kent County.

Compared to similar ZIP codes in Delaware, 19962 has higher property taxes. ZIP codes with similar effective rates include 19934 (0.45%) and 19953 (0.44%).

In Magnolia, property taxes represent approximately 1.5% of the median household income of $107,868, providing context for the relative tax burden on homeowners in this area.

Delaware assesses property at 100% of market value with no statewide cap; Kent County reassesses at sale, meaning your property tax reflects your purchase price. Apply for the $12,000 homestead exemption (primary residences only) with the Kent County Assessor's office within 30 days of closing, and inquire about the Delaware property tax credit if your income qualifies (3.2% threshold). Request a copy of your assessment and note that Kent County has one of Delaware's lowest effective tax rates, but verify the assessed value is calculated correctly at purchase price.