Earlier today, the News and observer warned that Wake County will be sending notices to property owners of their new adjusted value. The values, done every 8 years are always seemingly on the op side of the economy. With that, Wake County residents who have already seen a 10% hike in the tax rate, will probably be shocked at their new values.
On average, as it has been reported, residential properties have increased 20% in value from four years ago, and commercial properties increased 33%.
What this means is that if you own a $185,000 home, your home will likely be taxed at the base rate of $222,000. Which when it was at $185,000 your tax bill would have been about $1,333.30 whereas soon it will be $1,599.95. an overall increase of $250.
Under North Carolina State Law, counties MAY, if they choose to revaluate (not require as originally reported by the News and Observer) to assess property every eight years, with adjustments in the rate every year. Wake County does not have a four year exception as stated by the News and Observer. The County may adjust their rate yearly, but the assessment can only be done every 8 years.
The number of homes available for sale in Wake County continues to fall, creating a shortage, that drives prices up past what most would think is non-sustainable, however it changes.
Homes valued on January 1 were appraised, and the results were homes $250,000 and less went up 31%, in comparison, homes valued between $250,000 and $450,000 raised 17%. Homes in the eastern part of the county such as Zebulon, Knightdale, Wendell and portions of Raleigh and Garner, jumped the highest.
Higher home values does not mean a higher tax bill. With the changes in
The current county tax rate is 72.02 cents per $100 of assessed property value, meaning the owner of a $300,000 house pays $2,162.10 in county property taxes right now.
But it’s too soon to know what the new county tax bill could be. The Wake County Board of Commissioners will set the new property tax rate this spring, starting with a “revenue neutral rate” to generate roughly the same tax revenue as now and make any adjustments to fund the county budget from there. The revenue neutral rate would be 60 cents per $100.
Hotels and apartments saw the largest increases of 48% and 45% in value, respectively, while offices went up 25%, restaurants went up 24% and retail went up 16%.
People who don’t want to wait on the mail can visit wakegov.com/taxportal Tuesday to use a calculator to learn their new property value. If people disagree with the assessment, they are asked to contact Wake County for an informal appeal. Residents still unhappy can file a formal appeal.