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Reassessment appeals reduce Gloucester’s property values by $87.7 million

Gloucester County has seen a net decrease in real estate property values of $87.7 million after the county’s Board of Equalization (BOE) adjusted valuations of just over 1,000 parcels. According to the BOE report that was released last week, the board met March 15 to May 4 hearing appeals on 1,588 total parcels.

Of those appeals, the BOE reported reducing values of 981 parcels and increasing 38. This left a total of 569 parcels unchanged.

The decreases left a net loss of revenue to the county of $508,462, according to Gloucester Commissioner of the Revenue Kevin Wilson.

The report, compiled by the five BOE members Patricia Snyder, Danny Stuck, Marshall Cook, William Fenstermacher and Jennifer Patterson, said that "The ability to visually examine the properties enabled the (BOE) to conclude that, in 85-90 percent of the appeals presented, there were clear errors in the assessment."

However, the BOE remained optimistic that because of the county’s ability ...

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