Wake County Property Tax Updates - What you need to know!
Wake County has recently completed its quadrennial property revaluation process.
What does this mean?
As a result of this process, the overall value of real property in Wake County appreciated by 24% with commercial property driving much of the increase. Apartment communities saw the second-fastest appreciation of any asset class with an overall appreciation of 45%.
In North Carolina, counties are required to ensure that the revaluation process is revenue-neutral, which means that they must lower the property tax rate to compensate for the overall appreciation of real property. However, the effect of the reappraisal and corresponding rate change will be uneven. If your property appreciated by less than 24% compared to the 2016 tax valuation, you will likely see a property tax decrease, but if your property, like many apartment communities, exceeded the 24% countywide appreciation rate, you are likely to see a property tax increase.
Should I consider appealing?
Property owners can find their new appraised value via the Wake County Tax Portal. All property owners have the right to appeal the appraised value of their property. If you believe the value does not reflect fair market value and have information to support your position, or you can document damage or factors that may influence the value, you may want to consider an appeal. An appeal will not be effective if you think your value is accurate but the taxes are too high. The appeals process pertains only to the appraised value.
Who's eligible to appeal?
As long as the appraised value of your property changed, you can appeal.
"Eligibility for an informal review requires that the county's appraised value of your property has changed since the prior year billing and you are receiving first notice of the new value. If you are a new owner, eligibility for a review would still require that the county's appraised value has changed since the previous year's billed value." (Wakegov.com)
How do I appeal?
The first step in appealing your value is to determine if you are eligible for an informal review. If you are not satisfied with the results of the informal review, you may file a formal appeal.
Appeals must be received prior to the adjournment of the Board of Equalization and Review, which is usually the first part of April.
To begin the informal review process:
Call the Wake County Tax Administration office at 919-856-5400 or send your request in writing to:
Wake County Tax Administration
Attention: Real Estate Appeal
PO Box 2331
Raleigh NC 27602
To file a formal appeal:
After I appeal, what happens next?
"A county real estate appraiser will review the property and any supporting information provided to determine if a change in value is justified. You will be notified of the results and have the option of accepting the appraiser's recommendation or appealing further." (Wakegov.com)
Notification of your scheduled hearing date and time to appear before the Board of Equalization will be sent via regular mail.
Information about the appeal process on this page was found on WakeGOV's website here.