I got a postcard in the mail…now what? What does it mean?!

Quick Links

Gloucester County Tax Assessor Website

Gloucester County Property Tax Records (enter address, select, and click “Property Card” to see current assessment records)

County FAQs

What is a revaluation/reassessments?

A revaluation is a program undertaken by the County Assessor’s Office to appraise all real property within the taxing district according to its full and fair value. (Source)

What is meant by full and fair value?

Full and fair value is the price at which the tax assessor believes a property would sell at a fair and bona fide sale by a private contract on October 1 of the pretax year. The sale must be between a willing buyer and a willing seller. For example, the buyer is not obligated to buy, and the seller is not obligated to sell. (Source)

Why is there a need for a revaluation/reassessment?

A revaluation program seeks to spread the tax burden equitably within a municipality. Real property must be assessed at the same standard of value to ensure that every property owner is paying his or her fair share of the property tax. For example, two properties having essentially the same market value should be paying essentially the same amount in property taxes. Inequitable assessments result from the following situations:

  • Changes in characteristics in areas or neighborhoods within the municipality and within individual properties

  • Changes in style and design (desirability of architecture, size of the house)

  • Changes in zoning which can either enhance or adversely affect the value

  • Delays in processing building permits which delay tax assessments on new construction

  • Fluctuations in the economy (inflation, recession)

(Source)

What’s An Assessment?

An assessment is an evaluation of the value of property for the purpose of imposing taxes on it. The assessment determines the taxable value of the property, which is used to calculate the amount of taxes owed by the property owner. The assessed value may be based on factors such as the property's market value, size, location, and any improvements made to it.

This is different that a traditional property appraisal, as conducted by a certified or licensed Appraiser - who determines value for other specific purposes. These may also both differ from the Market Value, which is essentially the amount that a willing buyer would pay and a willing seller would accept for the property, with neither party being under pressure to buy or sell.

Should I let the Tax Assessor inspect the interior of my home?

Per the procedures on the County website, the inspectors will visit West Deptford homes starting in February and March 2024. They will be requesting an interior inspection to collect and verify details of the home - rooms, sizes and condition. Home owners do not have to grant access to the interior of their property, however, that will leave the inspector to estimate or guess the key information that will affect your tax assessed value.


Will My taxes be going up?

Questions?

I don’t have all the answers, but I’m always happy to chat and help my neighbors any way I can. Reach out at 856-430-0240 or Nick@NickNowakTeam.com anytime.

This information is provided by West Deptford Resident and Licensed NJ Real Estate Broker Associate, Nick Nowak. Information is not guaranteed and should be superseded by County, Municipal or Legal sources. This information does not constitute tax or legal advice in any way.