Property values show slight increase in reassessment
Preliminary data from Gloucester’s 2017 general reassessment shows an overall increase of property values in the county of 1.364 percent, compared to the last reassessment, which became effective in January 2015.
The 2017 reassessment information was to be presented by county assessor Derek Green to the Gloucester County Board of Supervisors during its meeting Tuesday night in the colonial courthouse; however, due to a power failure, the meeting had to be continued until this coming Tuesday at 7 p.m. at the same location.
According to Green, the total taxable value in the county according to the 2015 reassessment was $4,303,045,004. This number slightly increased to $4,378,888,609 in the latest reassessment, which will become effective next month. He said 10,183 parcels saw an increase in value, while 9,934 saw a decrease and 3,911 parcels stayed the same.
He said properties in the Gloucester Point Magisterial District saw the highest overall increase in value, 2.18 percent, while Ware District properties saw the lowest increase at 0.820 percent.
Green said vacant agricultural properties saw the largest increase in value—a 4.527 percent overall increase from current values. Agricultural land was Green’s area of focus during the latest reassessment. He said he developed a model that takes into consideration all of the soil types on the given piece of land and assessed how the soil types impact the land value. He said he expected owners of agricultural properties to see their property values double or triple, but reminded residents that agricultural parcels active in the county’s land use program are taxed based on their land use, which is governed separately through the Commissioner of the Revenue’s office.
“The only properties to see a decrease were industrials,” Green said. In 2015, he said these parcels were bundled with commercial properties. “During this cycle, we separated them and can slice and dice them down to class.”