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City Assessment
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We have developed a list of questions taxpayers most frequently ask us and provide it here for you to use whenever you have a question about property valuation and taxation in the City of Milford. Click on the question you have, and you will be directed to the answer. If you cannot find your particular question on this list, please feel free to give us a call at 302-422-6616 x 24 or email the Tax Assessor, and we will be glad to help. What is the meaning of ad valorem property taxes? 1. What is the meaning of ad valorem property taxes? Ad Valorem is Latin for "according to value," and is thought to be a fair basis for collecting taxes because the tax is proportional to your ability to pay and the benefits you gain from the services the city provides. It is a local tax that reflects local budget priorities.
The City of Milford Assessment Office measures property value. This responsibility is managed by the Tax Assessor, under the supervision of the City Manager. 3. Who appoints the Tax Assessor? 4. How can I contact the Assessment Office? You can contact the Tax Assessor by telephone at (302) 422-6616 X 24, email, or by mail at: 5. What control does the City Council have over this office? The City Council sits as a Board of Revision and Appeal to
hear property tax appeals during the month of June. 7. If I do not agree with these laws, who can I turn to? If you feel the laws governing taxation can be improved, you may
contact your State representative(s)/legislator(s) to discuss your
concerns and suggestions. 8. Does the Tax Commissioner report to or control the Tax Assessor? 9. What is the main duty of the Tax Assessor in the ad valorem taxation process? The main duty of the Tax Assessor is to measure market value to
determine the assessed value of all properties within city limits. This
process uses a computer-assisted-mass-appraisal system, commonly referred
to as a CAMA system. 10. What determines an individual property tax amount? Your tax amount is calculated using a combination of your property
value and the city tax rate. If your property is newly built, the
appraised value is determined as of January 1st, 2002 and not it's current
market value or what you paid for it. 11. What is the arithmetic of the process? Here is an example calculation that illustrates the
process:
12. What is the meaning of the term "assessment roll?" The assessment roll is the sum of all the assessed values, after
exemptions, of properties to be taxed within a particular jurisdiction's
fiscal year. 13. What steps does the Tax Assessor use when appraising my property? We use three approaches in appraising your property: The sales comparison approach— based on sale prices of comparable properties The cost approach — based on the estimated costs of replacement or reproduction of improvements, less accumulated depreciation, plus land value The income capitalization process — based on how investors place values on investment propertie. 14. What is the difference between sales price and market value? "Market value" is a theoretical notion of what a knowledgeable buyer
would pay a willing seller in a normal market. "Sales price" is a
historical fact from a particular transaction which may or may not reflect
the conditions of a normal market. There are approximately 35 reasons why
certain sales cannot be measured such as relative, government, escheat,
eminent domain and gift transactions; to name a few. 15. What is the assessment percentage in Milford and who sets it? The assessment percentage is 100% of market, and is set according to
the laws of the State of Delaware. Kent County is 60% as of 1987 and
Sussex County is 50% as of 1974. 16. If my property value and assessment remain the same, can my tax bill change? Yes. The tax rate is the product of two items — the assessed
value and the tax rate; a change in either can impact your tax bill. 17. How can I have a tax increase with no tax rate change? A change in your assessed value from the result of a building permit or
the loss of an exemption could produce a tax increase or decrease for you. 18. What constitutes a tax rate? The tax rate is calculated by dividing the total amount of money to be
raised through property taxes (City budget) by the total value of the assessment roll. 19. Who establishes the tax rate? Tax rates are set by city councils, school districts, county
governments, and any other taxing authorities in whose jurisdiction your
property is located. 20. Do I get an exemption from some assessed value and a reduction in taxes because I own a home and live in it? 21. Are there any other special exemptions? Yes. There are several special exemption form which are on file at City Hall or by printing from the links below. Farmland Assessment Manual and
Application 22. I own a business. Are there any exemptions I may qualify for?
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