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Reassessment could push Wake County property values

Posted September 8, 2015
Updated September 9, 2015

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— For Wake County homeowners, it’s that time again.

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.

11 Comments

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  • Dean Logan Sep 9, 2015
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    Why?
    Why not just add to the sales tax? Then everyone can get mad at the spending.

  • Tom Boswell Sep 9, 2015
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    The Democrats campaigned on increase spending and increase taxes and they got voted in. If you voted for them and your real estate taxes increase 25-50% (already 15% without an increase in assessments) over the next couple of years sorry you can not complain.

  • Johan Summer Sep 9, 2015
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    Even if the Commissioners decide to implement a "Revenue Neutral" policy after the re-evaluation, that will only provide for a regular Tax Increase. Democratic controlled boards, in Wake County, have always been known to be big spenders.....that is a FACT!

  • Tracy Watson Sep 9, 2015
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    - you do realize that this happens in Johnston county also right? They are set to adjust in 2019

  • Mick Flynn Sep 9, 2015
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    Norman, you are absolutely correct. My last evaluation was more than the market value of my house. I appealed and provided data on numerous sales in my subdivision that happened within 6 months. I only included those that were the same age as my house and the same square footage. It was a useless exercise. Of course they rejected my appeal. They don't care they just want your money so they can waste it.

  • Norman Lewis Sep 9, 2015
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    I am willing to bet most tax "valuations" will far exceed actual market value if you tried to sell the property. How about someone with the Board of Commissioners explaining why consistently, the tax value usually exceeds actual value.

  • Charles Boyer Sep 9, 2015
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    Remember when the explosive growth in Wake County was sold to us as "paying for itself?"

    How is that working out for us now that there is ostensibly a million people here?

  • Mick Flynn Sep 9, 2015
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    This tax needs to be an income tax, not a tax based on property ownership.

  • Shane Taylor Sep 9, 2015
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    YAY!!!! That is why I live in Johnston County :P

  • Tom Boswell Sep 9, 2015
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    Just in the tax rate alone this has increased our real estate taxes by over 15.3% in these two years. The bond passed in November of 2013 increased taxes by 9%. Merrill and the board increased it another 6.3% with this budget. Add it up. Look at the future increases. In November of 2016 they will be presenting a billion dollar school bond that will increase it another 11%. The school system’s plan to increase new teachers’ salaries would step up $16 million per year for five years, adding up to $80 million annually by the fiscal year 2020. Along with other costs, that could create deficits of $20 million per year. If 48 million increased our taxes 7% this year than just salary increases of 16 million will increase our rate 2.3% a year for the next five years. Add these up. We could be talking a minimum increase in rates over the next several years of well over 37%. These increases are for just raises. Do you seriously think they will need more of our money for other things.

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