Annual Reassessment

WHAT IS AN ANNUAL REASSESSMENT?

The goal of an annual reassessment is to update all assessments to fair market value.  Doing so will level out any inequities that may currently exist and will result in a fair and equitable distribution of the tax burden among all property owners.  This will ensure everyone is paying their fair share of taxes (meaning not less and not more than they should) by annually revising every assessment up or down to 100% of current market value.

WHY IS IT IMPORTANT TO INSPECT THE INTERIOR OF MY HOME?

The validity of the market value depends on the collection of accurate data.  This program is supported by an annual interior/exterior inspection cycle.  These inspections will be spread-out over the next five (5) years to ensure that all property record cards are accurate and up to date.  We hope residents will cooperate with the inspection process.  Be advised that the field inspector who conducts the inspection does not determine the final assessment.

WHY DID MY NEIGHBOR'S PROPERTY CHANGE AT A DIFFERENT PERCENTAGE RATE?

Each property within a town is unique and appreciates/depreciates at different rates.  Depending on the precision of the assessed value prior to the reassessment, the overall value change can vary from neighbor to neighbor taking into consideration location, interior/exterior condition and finish, overall building quality, square footage, style, age, lot size, etc.

WILL THIS TYPE OF CHANGE HAPPEN ANNUALLY?

In a reassessed town changes in assessments will be based on the real estate market.  The assessments are based on sales between a one-year period of October 1st and October 1st of the pre-tax year.  The extent of the assessment changes will depend on the depreciation or appreciation of the real estate market.  Each year the assessor by law, must review each property and revise the assessment, both up and down, in accordance with market value evidence, so that the assessment is set equal to the current market value.  Annual assessment changes are expected to be in accordance with observed market value data.  The tax assessor must review and revise the assessment on an annual basis to maintain a 100% market value to assessment ratio.

HOW ARE PROPERTY VALUES ESTABLISHED?

Standardized mass appraisal methods and techniques are used to systematically assess groups of properties. This process includes:

  • Analysis of all recent real property sales, including a comparison of sales prices with assessed values of sold properties, identification of real property value trends
  • A parcel-by-parcel review of all real property values
  • Review of all unit land values
  • Gathering and utilization of pertinent income data 
  • Review and adjustment of depreciation and obsolescence factors with changes to individual property records
  • Reconciliation and revised true value for each property
  • Placing revised taxable values on the tax list for the year in which the reassessment becomes effective

WHY DID THE ALLOCATION OF MY LAND AND IMPROVEMENT VALUE CHANGE?

The allocation of land to building is an administrative process and may not accurately reflect the market value of the individual parts.  The total assessment should be the single driving force in reviewing the assessment for accuracy.

WHAT IF I DISAGREE WITH MY NEW ASSESSMENT?

Contact the assessor's office at 856-307-6445 to review your property record card for errors.  If the record card is accurate and you disagree with the total assessment, may may file an appeal with the Gloucester County Board of Taxation.  For more information on how to appeal your assessment, go to Board of Taxation in the blue box and select Filing an Online Tax Appeal.