Property Values Reassessed in Rehoboth Beach - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Property Values Reassessed in Rehoboth Beach

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REHOBOTH BEACH, De. - In the coastal community of Rehoboth Beach, the last couple decades have seen tremendous growth, as many million dollar homes have popped up. However, the assessed values of these homes are actually far lower, sometimes assessed as low as $10 or $20 thousand dollars. That's because the city currently taxes these properties at values assessed in 1968.

Now this will change as the city is starting a new assessment process to modernize their taxing process. This will shake up the level of taxing for people across the city as some will see higher taxes, and others will see their taxes drop. 

Jeannette Bonner has lived in Rehoboth Beach for her entire life. She took WBOC to her childhood home on 6 Hickman St. She said her family bought the home in 1964, just four years before the assessment for about $25,000. In 2014, the home is a gigantic, million-dollar home. However she said the property assessment remains unchanged. 

"Where in the world can you find a place that taxes haven't been increased in almost 40 years," she said. "I mean it's unbelievable." 

Mayor Sam Cooper said this new assessment plan will alleviate this problem and make taxing more fairly spread out. He said it would mean higher taxes for some people, closer to the beach. 

"We're going to see more of a shift in the tax burden because of the length of time in between the assessments," he said. "If it was done - let's say 10 years ago - it would have been less drastic."

Cooper said the city would not be doing a "money grab," with this maneuver, stating that they do not play to raise revenue. While some will pay more, he said some will pay less and many would pay roughly the same amount.

While property values will rise, he said the tax rate would drop significantly from about $1.75 per $100 of assessed value to less than a dime per $100. 

Ray LeBlanc who lives west of Coastal Highway said this reassessment was a good thing because it made the tax distribution more fairly representative of modern real estate values. 

"They can afford a million or two on a house," he said. "So they can afford to pay their fair share of taxes."

The mayor estimates that the reassessment process will be finished by mid-April, and he said they will at that point send people their new estimates.

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