The Gloucester Board of Supervisors continued its discussion of the county’s property reassessment process during its Wednesday, July 5, meeting in the colonial courthouse.
County Assessor Dan Thomas gave an update on how the housing market had progressed since the last reassessment was completed in 2022.
A highlight of Thomas’s presentation was a list of assessment-to-sales ratios. This data shows the difference between a home’s assessed value and what the property sells for in the marketplace.
The current assessed value for homes in Gloucester was at 90 percent of market value for the month of June. The highest spike in ratios occurred in February, when it hit 97 percent of market value. Thomas said February was an outlier month as the average from April through June was 89 percent.
When the reassessment was initially conducted, many Gloucester residents voiced their concern over the spike in real estate valuations. A belief at the time was that the skyrocketing values were a result ...