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Revaluation Appeals Pouring Into Wake Offices

Posted December 27, 2007

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— About 12,000 Wake County property owners have appealed their higher property values, and officials expect that figure to double by early next week.

County assessors recalculated the value of about 325,000 homes, businesses and parcels of undeveloped land as part of the revaluation that takes place every eight years. When notices were sent out last month, they showed the average property value jumped 43 percent from 2000 levels.

"We're running out of land that can be developed . As the volume of land shrinks, the value goes up," Wake County Revenue Director Emmett Curl said.

Properties inside the Interstate 440 Beltline showed the most appreciation, with average values jumping by 73 percent. Undeveloped land also saw assessed values soar.

All appeals of the revaluation must be received at county offices by Tuesday – offices will be closed that day for the New Year's holiday – and they need to include detailed reasoning for disagreeing with the assessment.

"We need some information issues – maintenance issues that needs to be done. Document that in either written form or pictures," Curl said.

At the same time, Revenue Department staff members are handling annual property tax payments, which are due Jan. 5.

"It is the busiest time of year," Curl said. "We freeze vacations during the next two weeks for our employees."

56 Comments

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  • Oh Snap. Dec 28, 2007

    Then I would like to get $250k right now....OR, I'll take the $280k fantasy amount they say it's worth. BTW...my house is dated circa 1996 with all the bad fixtures and cheep white kitchen cabinets. No hardwoods, no granite, no tile. What a joke!

  • DontLikeTheSocialistObama Dec 28, 2007

    These complainers about the appraisals are hilarious. When they are talking about the value of their home and plans to sale, they will tell you how much the value has gone up. When they are talking about the value of their house for tax purposes, they will poor mouth about how little their home is worth.

    This tax appraisal was based on comparable values from other home sales in their neighborhood.

    Any body who complains about the appraisal of their home should be forced to sell their house at the value that they are trying to get the appraisal changed to.

  • poohperson2000 Dec 28, 2007

    defeyent

    My comment was directed to both sides. I am constantly seeing "yankee" and "redneck" thrown around from both sides. It is silly and stupid that either thinks they are superior. We are all just people. Since I am neither from the north or the south I take no personal offense to the comments but they do get old. Anyone has the right to live anywhere, and much of the boom here has been due to the "transplants" and I also get tired of the negativity about that. I pay taxes too, and have rights just like the "natives".

  • bosoxbaby Dec 28, 2007

    Thank you for the clarification. It does make sense to me now but I do think the "market" value would be a better way to assess the tax value (from a fairness standpoint). But then again there's nothing fair about taxes or politics most of the time. Either way there are going to be people that can't afford the taxes.

  • Sopranos Justice Dec 28, 2007

    before the revaluation it was $100k below the market value.

    The thing to remember is that right now...add up all the tax values in the county....divided that number by the CURRENT REVENUE of the county...and that will be the starting tax rate (then it will be raised over time as DR. J points out)

    Clear as mud??

  • Sopranos Justice Dec 28, 2007

    "However, when you're taxed on a property value higher than a legitimate market value of the home then isn't the city in effect raising the property value (for tax purposes obviously)?"

    The thing to remember is that "tax value" is NOT, nor is never meant to be "market value." In the big picture, all property tax values are, are just a way to allocate equivocal shares of tax. During a revaluation year, the county appraisers try to approximate a fair value, at that time, for ALL properties in the county. So, in theory, this year, every one is equal in that people pay their respective share of tax (if my house is worth twice as much than yours, then I should pay twice the taxes, etc.) They try to approximate market value, but they are not performing true real estate appraisals. On a house I just sold, the tax value was approx. $25k more than I think market is, but so are all the houses around it. The idea of tax value is in relation to others in the county.

  • wcnc Dec 28, 2007

    I really think that there are many "mistakes" in either the size or value of many more houses than we think. Like I had said, even though all they had to do was enter the size that was listed on our "CO" (also produced by the county....), they got the wrong size and were very ready to tax us on the larger size and even said they don't "have to change it" but we insisted and they changed it. So,if you think you can't sell your house for the value they gave, have a realtor give you, in writing, what they could list/sell for and then go to the tax office and do what you need to do!! It's that easy. They got ours wrong and we went through the procedure and will wait to see if they did that right and go from there.

  • bosoxbaby Dec 28, 2007

    Sopranos Justice - you stated "Cities do not raise values...the market does." I'm not really trying to be combative hear just need some clarification because I really don't understand what you mean.

    I get that the city doesn't raise the "property value" per say and the whole property value condition is driven by market forces. However, when you're taxed on a property value higher than a legitimate market value of the home then isn't the city in effect raising the property value (for tax purposes obviously)?

    I don't live in Wake County so I really don't have any skin in that game but I've heard people other than you make that statement.

  • Beachnut Dec 28, 2007

    Anyone who doesn't get that govt. is wasteful with our tax dollars needs to spend just a few minutes talking "off the record" with any civil servant, at any level of govt. It won't take long for you to understand that raising taxes should be done only after cutting out the waste.

    Now back on topic: if you plan to appeal your valuation, you can get plenty of ammo from the wake govt web site. Go to
    http://aws1.co.wake.nc.us/realestate/search.asp
    type in your address, select your account, then select the "sales" tab- it will show what comps sold near your property. You can use the actual sales price and the new assessed value to decide if your properties revaluation is in line with your neighbors.

  • Sopranos Justice Dec 28, 2007

    "Next advice is to put house up for sale at tax value and some ignorant northerner will be glad to pay $900,000 for a 1500sf house."

    They gladly will bossman...they buy the $900k 1,500 sq/ft house solely for the land, tear it down...build a 4,000 foot house...total investment around $1.6 million.

    Same house and lot location up North? $3 million +

    They will be glad after all!

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