Wake commissioners OK more frequent reassessments
Posted March 21, 2016
Raleigh, N.C. — The Wake County Board of Commissioners on Monday approved a proposal to hold property tax revaluations more often.
The county currently determines the tax value of property – homes, commercial buildings, even vacant land – every eight years to align it with market values. That process will now occur every four years, starting in 2020.
Supporters of the change say it will help ease sticker shock for residents who see their property values jump significantly every eight years.
Average property values increased by 5 percent across Wake County this year after last fall's reappraisal, with commercial properties accounting for the bulk of the increase.