Wake Reassessment Will Kick Up Property Values
Posted September 27, 2007 12:57 a.m. EDT
Raleigh, N.C. — For the first time in eight years, Wake County has reassessed property values. It is no surprise that values are up, but some folks could experience sticker shock when they see the numbers next year.
The county's Revenue Department spent the past two years reevaluating property values countywide, which it does every eight years. On average, Wake County has seen property values jump 43 percent.
"The western part of the county is very desirable. It's close to the employment center of the Research Triangle Park,” Emmett Curl, Wake County revenue director, said.
It was the east where land values saw the biggest increases, however.
“With the opening of Interstate 540 and [U.S.] 64, the eastern side of the county is inflating much faster in land,” said Curl.
The northern part of the county has seen a steady increase, too, and there has been a significant jump in the value of retail property.
That is "certainly good for the area, good for the economy,” new homeowner Allison Rabin said.
Rabin just moved inside the Beltline. She is pleased to hear property values are going up, even if it means higher taxes.
"It's good. I think property values in the Raleigh area are going to continue to go up, at least that's my hope,” said Rabin.
The county will be sending out the reevaluation notices in the next couple of months. Homeowners can challenge the adjustments if they want.
County commissioners are also considering whether to reevaluate property values every four years, instead of eight.