Gloucester property owners will be receiving this year's reassessments soon and according to the Daily Press, property values increased on average by 8 percent. The increase is mainly attributed to land values that were previously assessed low.

Property owners who want to challenge the new assessed values can find applications online at www.gloucesterva.info/assessment. Or, applications are available at the Real Estate Assessment Office and both Gloucester Public Library locations. Property owners have until Nov. 30 to submit an application and request a review by the assessor's office."

"Assessments of Gloucester properties climbed an average of 8 percent in this year's reassessment.

Almost 23,000 notices have been mailed out notifying property owners of their new assessments. But 888 notices — mostly waterfront properties — are still being reviewed and no timeline for their mailing has been set, said County Assessor Reese Milligan.

The county saw 10,439 properties decrease in value by an average of $25,000, while 13,417 properties increased by an average of $47,000.

Assessments that increased generally saw land values rise while home values declined slightly. Land values had been underassessed and raised to bring them more in line with market value, Milligan said. As a result, home prices might have dropped slightly for many homeowners. 'We lowered that to get back to the overall market value,' Milligan said.

The assessment notices take effect Jan. 1, 2010, and are not tax bills. The tax rate — currently at 61 cents per $100 of assessed value — will be set next May by the Gloucester County Board of Supervisors during its budget process.

If the tax rate stays the same, the owner of a $250,000 home that had the assessed value climb by 8 percent would pay $122 more in taxes next year over this year's bill."

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