Property Tax Assessments - Wake County

If you own a home in Wake County, keep an eye out for a revaluation notice if you haven't received one yet. Many might be surprised as the new value assessments show a significant average increase of 53%. However, there's no need to panic. The Wake County Board of Commissioners will review this in relation to the upcoming budget, and there are indications that they might lower the tax rate. This decision is expected in June, so patience is key while hoping for the best. It's worth noting that as property values rise, the tax rate needed to generate the same revenue for the county tends to decrease.

A couple of years ago, I contacted Wake County with concerns about the substantial change in home prices and how it could impact property taxes. The representative I spoke with assured me that they would factor this in, and it wouldn't result in a doubling of tax bills.

The last revaluations were in 2020, and home prices have risen significantly since then due to supply and demand. While you can appeal a valuation, there's uncertainty about the result, and the county ultimately decides whether to accept it or not. An appraisal might even conclude a higher value than the assessed one. Revaluations occur every four years. It's important to recognize that the real value of your home, based on appreciation, should be considerably higher than the assessed value, making your home a valuable asset.

Let's wait and see what unfolds. While it's realistic to expect some increase in taxes, it's likely not to be as shocking as the initial assessment suggests, especially considering the current tax rate.