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Wake County North Carolina Property Tax Re-Assessments go public today. Average 40% increase!

Sounds bad, right? A 40% increase in assessed Tax Values in Wake County, NC real estate tax values for 2008.

There's a little more to the story, as well-reported by WRAL-TV.

1. The property tax bills will not increase by 40% immediately. The Wake County tax rate will be reduced to prevent a massive increase in County revenue.

2. Property tax assessed values are only tenuously linked to market value.

3. Rates are set annually, but assessments are only updated every eight years. Assessments are NOT updated when a home is sold.

4. The current Wake County rate is .678 mills. It will be reset at .53 mills temporarily until a final rate is set. That will give folks time to appeal their assessments before receiveing their bills.

5. There has been discussion of not reducing the millage rate, and just increasing taxes by the amount of the assessment increase. I don't predict that this will happen. A 40% average property tax bill increase would be political suicide, and many senior citizens would feel 50% or more, since their homes are older and have lagged in assessed values.

6. Re-Assessment is sure-fire springboard for discussion, as it is little understood, but universally feared.

Property owners can check their new assessed values at the Wake County Revenue Real Estate Data search page.

Posted by Mike Jaquish Keller Williams Realty, Cary, NC on 11/19/2007 08:51 PM

Comments (4)

This post has been included in North Carolina Information Wake County, NC Information

4 Comments on Wake County North Carolina Property Tax Re-Assessments go public today. Average 40% increase!

Oh, I thought we were all gonna die. But it looks like they will most likely increase taxes above the rate of inflation because too many things that must be paid are increasing faster than inflation, so something must be cut out.

11/20/2007 10:24 PM

by Derek

Derek,

Restraint in spending? What a concept! I hope you are right.

Thanks for dropping in and commenting.

11/20/2007 10:25 PM

by Mike Jaquish Keller Williams Realty, Cary, NC (Keller Williams Realty)

The assessment is for both land and building. The valuation of my home was right on the 40% value mentioned above over the last 4 years (10% per year). The surprise is that the lot itself appreciated nearly 82% in that period!! So overall, my total valuation went up nearly 47%.

So who sets my land value, and what is the algorithm used to calculate that appreciation?? Can I appeal the assessment of the land value? If so, what would be the basis for that appeal?

11/26/2007 12:30 PM

by Rick Rhinebarger

Rick,

Wake County sets your land value based on their calculations. I suppose you can appeal the land value, if you can find comparable land that has been sold or listed for sale in your neighborhood in the last five years.

I would likely focus on comps for the overall valuation if I was doing an appeal.

The instructions for appeal are here.

Good Luck!

11/26/2007 04:32 PM

by Mike Jaquish Keller Williams Realty, Cary, NC (Keller Williams Realty)