Press "Enter" to skip to content

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 appealin...

To view the rest of this article, you must log in. If you do not have an account with us, please subscribe here.