Reassessment could push Wake County property values

The county is poised to conduct a real estate reassessment in 2016, a process done every eight years to determine the value at which residential and commercial properties should be taxed.

In the last reassessment in 2008, the average increase in property value was 43 percent. Some homes inside the Beltline went up as much as 73 percent.

The Wake County Board of Commissioners on Tuesday agreed to hold a public hearing Sept. 21 about the schedule of values, which is an up-close look at how assessors determine what a home is worth.

Teams of assessors have been criss-crossing the county to evaluate more than 350,000 pieces of property. They consider everything from square footage to building materials.

Real estate agents, who always keep a close eye on reassessments, said double-digit increases are likely again, depending on a property’s location. Cary, Apex, Holly Springs and other areas in the western and southwestern part of the county are most likely to go up in value.

“I think it’s going to come down to the land values as well,” said Christina Valkanoff of Christina Valkanoff Realty Group. “In certain areas, land values have really skyrocketed.”

She pointed to the North Hills area as an example of growth.

Commissioners likely will decided in the spring whether they will adopt a “revenue neutral” policy, which means they would lower the county property tax rate to offset higher real estate values. Doing so helps ease the financial burden on homeowners.

Homeowners should get their revaluation forms in the mail in December, and they will have a chance to appeal.

Durham County is also slated for a real estate reassessment in 2016, and Orange County will conduct it in 2018.

Johnston County is set for a reassessment in 2019, while Chatham and Lee counties conduct theirs every four years.