The last time Rehoboth Beach commissioned a citywide property assessment was 1968. Now, over 45 years later, the seaside Delmarva town has completed what some have called a long overdue property value reevaluation.
City Commissioner Pat Gossett tells local news outlet Delaware Online that approximately 3,225 property inspections have been finished, with the city expected to send out new valuation notices to owners over the next 10 days. These letters will contain the newly assessed values of the properties in question. According to Gossett, about one-third of property owners will see their values increase and another third decrease. The last third will experience little to no change in property valuation.
The city began its inspections last October, looking at market values of homes and other buildings on land parcels and comparing these prices to sales of similar units in the area. Given the drastic changes in the housing and commercial property markets over the last four decades, Gossett said some could see a dramatic difference in the value of their land.
"The value is not necessarily in the home, it's in the land, if it faces the ocean, or backs up to the park," Gossett told the source.
With property values expected to change very soon, buyers interested in scooping up a new Rehoboth Beach property this spring and summer are strongly encouraged to meet with a Rehoboth Beach real estate agent. These experienced, locally based professionals can walk you through the ins and outs of the regional market, helping you to find the ideal home that meets your living preferences and budget.
Whether you're looking for a vacation house or a place to call home year-round, Rehoboth Beach is the place to be. Contact a Rehoboth real estate agent today to learn more.
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