Delaware Accountants by City
Officially known as the first state, Delaware is straddled between Maryland, New Jersey, and Pennsylvania in the Mid Atlantic region. It’s the second smallest state but has significant cities like Wilmington and Dover.
Its close proximity to many iconic metro areas like Philadelphia, Washington D.C., and New York, as well as its verdant green landscape, mixed in with its own beautiful beaches makes Delaware an underlooked gem of a state.
Delaware has a steadily growing population, no doubt in part due to its lower cost of living, and specific tax laws.
Taxes in Delaware
For shoppers everywhere, Delaware is famously known for not having any sales tax. In addition to Alaska, Montana, New Hampshire, and Oregon, Delaware is one of the five states with no sales tax at all. Instead of through sales tax, the state collects the would-be sales tax through other taxing means: property income and business taxes.
For property taxes, Delaware has a significantly lower rate than nearly all other states, with a rate of 0.56%. This rate means that an annual property tax on a home costing ~$200,000 would only have a tax of $1,120.
Housing in Delaware
Although Delaware is considerably smaller than some states, only boasting three counties (New Castle, Kent, and Sussex), there are a multitude of quality places to live. Some of the most consistently ranked best places to live in Delaware are North Star, Pike Creek, Hockessin, Newark, and the scenic Rehoboth Beach.
The median home price in the state is ~$250,000 and a median rent price of ~$1,400. The housing market is looking very good for the foreseeable future, forecasted to go up exponentially.
The state is a solid choice to move to for many financial reasons. The cost of living in Delaware is lower because of things like the aforementioned lack of sales tax, and the state has the 4th highest rate of homeownership in the United States. It has affordable living situations, especially compared to areas around it like Philadelphia. Delaware has a higher average income than many other states.