Real estate tax hike results in additional $2.9 million
Gloucester County will receive an additional estimated $2.9 million of revenue from raising the county’s real estate tax rate seven cents per $100 of assessed value.
Nickie Champion, Gloucester’s director of financial services, provided a summary of the increases after June billings were sent out during a Gloucester Board of Supervisors meeting on Aug. 7 in the colonial courthouse.
According to Champion, the total taxable value of real estate in Gloucester County currently stands at just under $4.2 billion.
Under the county’s 2012 adopted budget, the calendar-year real estate tax rate was set at 65 cents, which was a seven-cent increase over the 2011 calendar year.
When the board adopted this year’s budget, it also increased the personal property tax rate, which was a 35-cent increase over the 2011 rate.
Champion said the total personal property tax billings with the increased rate this year should show a revenue increase for the county of just over $2.7 million. “The personal property is not as stable a tax as the real estate,” she said, adding that personal property often rolls in and out of the county.