On what basis is property tax assessed in Delaware?

Property tax in Delaware is assessed based on the assessed value determined by the county assessment office. This means that the local government evaluates properties to establish their value, which is then used as the basis for calculating property taxes.

The process involves assessing various factors such as property characteristics, sales data, and market conditions to arrive at a fair and equitable value for taxation purposes. This assessed value is crucial because it reflects the current marketplace conditions and ensures that property taxes are applied consistently across the region.

In contrast, the other options focus on methodologies or criteria that do not align with the current assessment process in Delaware. Purchase price, rental income, or merely the size and location of a property, while influential in various contexts, do not serve as the primary basis for property tax assessments, which rely on a formalized process overseen by the assessment office.