The 2024 Real Estate Revaluation is out! Every 4 years, Wake County reassesses property values based on recent comparable sales, exterior measurements of your home and market conditions. You likely received your revaluation in the mail along with an appeals form. Check out more on what your valuation means below - and know I am here to help!
1. Appealing your Value
All taxpayers have a right to appeal their value either formally or informally. The easiest way to do this is by simply filling out the form included with your valuation and providing some relevant data to support your cause. That could be inaccurate information like square footage or lot size on the county's website here or using comparables to justify a lower valuation. Appeals need to be made prior to March 1 so if you're in need of help, please reach out to me ASAP!
2. More on Revaluation Facts
Wake County parcels experienced an average of 52.99% increase on residential properties this go round. If your value jumped quite a bit - don't be alarmed, so did many others! There are 403,886 properties that were included in this revaluation. 86.4% of those properties were single family homes.
3. Your Future Tax Bill
Will your taxes go up majorly? Maybe. Maybe not. The Wake County Board of Commissioners and the City/Town Councils of respective towns will set a new tax rate that will generate the same amount of taxes with new property values. It's called a revenue neutral tax rate. For the City of Raleigh, they're proposing a tax rate of $0.4643 per $100 of value, a decrease from 2023's $0.6570 per $100 value. Rates are only suggestions, commissioners will make the final decision when they approve the budget later this year. They certainly do not have to accept the proposal and rather use the revenue to fund schools, infrastructure and other public works.
Questions? Want to see if your value is worth appealing? Reach out here!
