Nineteen years makes a whole lot of difference when it comes to property values.
The average value of a home jumped by about $90,000 under Cherry Hill's recently completed township-wide revaluation, township officials said Thursday.
The average home had been assessed at roughly $140,000 under the old valuation, which was done in 1993. Now, it's about $230,000.
“Obviously, the market's changed a lot,” township spokeswoman Bridget Palmer said.
Homeowners are being notified of their new property values via letters from Professional Property Appraisers, which was in charge of the revaluation. One batch has already been sent out, with the next scheduled for Dec. 26; another four batches will be sent out over the coming weeks, Palmer said.
Included with the new value will be an estimate of each property's 2013 taxes, though township officials indicated the actual tax effects from the revaluation won't be felt until July of next year.
Questions about the new values can be directed to Professional Property Appraisers, which will hold individual consultations by appointment only at the Croft Farm Arts Center. To schedule an appointment, which are available Monday through Saturday, call Professional Property Appraisers at 800-410-5815.