Real estate values drop slightly after Gloucester reassessment
Gloucester County will see a 2.2 percent reduction in tax revenue in 2015 based on the 2015 reassessment of real estate property values, if tax levies remain the same.
According to numbers provided by Gloucester’s County Administrator Brenda Garton and County Assessor Derek Green, in order to make for an equalized tax rate, next year’s real estate tax will have to increase from 65 cents to 66 cents per $100 of assessed value.
Garton emphasized that these are all tentative numbers, and that the values are subject to change after property owners go through the administrative review process and the board of equalization adjusts rates after appeals have been made. The final figures won’t be available until late in the year, she said.
“So theoretically, depending on how those adjustments go, the total assessed value could be higher or could be lower,” Garton said. “But it will most likely be lower because typically when people appeal, they are appealing to lower their rate.”
She added that Virginia Code states that if the tax revenue goes up at least one percent, the governing body is required to calculate an equalized tax rate to be advertised during budget time. “Well, our tax revenue is not going up. It’s going down by about $616,000,” Garton said.
As the numbers currently stand, the calculated, equalized real estate tax rate for Gloucester would be 66.4775 cents. “And you can’t really set a tax rate like that, so you would either have to decide to go with the lower rate of 66 cents or the higher rate of 67 cents,” she said.
Finally, Garton said Green has been saying all year some properties have been going down and others have been increasing in value, so he thought it was going to be a wash. “And that pretty much came out to be true,” Garton said.