If you are a Wake County resident, you should have received a notice in the mail in January about a change in your property’s tax value due to the 2020 reappraisal. According to the News and Observer, “on average, homes in Wake County increased 20% in value from four years ago, and commercial properties increased 33%.” So why did this happen and what does this mean for you? The Pointe Realty Group team is here to make things a little clearer.
State law requires counties to assess every eight years, however, Wake County has chosen to do this every four years to better reflect market values. Effective January 1, 2020, all property in Wake County was reappraised at 100% fair market. Wake County tax administrator Marcus Kinrade explains, “there is a big problem in housing in Wake County. There is not enough supply and a huge demand. So when you have demand and low supply, that is going to drive prices up. And what we are seeing is the highest demand is the lower residential price points. Price points below $250,000.”
The purpose of the appraisal is to re-establish tax equity and fairness between properties that may have changed in value at different rates depending on the property type and location. This is Wake County’s first revaluation of property since 2016.
The News and Observer goes on to say, homes valued at less than $250,000 saw a 31% increase in their value compared to 17% for homes valued between $250,000 to $450,000.” You can read more at NewsObserver.com.
What Are My New Property Taxes?
Wake County’s Fiscal Year 2021 budget does not go into effect until June 2020, so your property taxes could still change. You can however get an estimate online now with the Revenue Tax Calculator. You put in your Real Estate ID, which is on the top left of your account on the Wake County Real Estate Data page. The calculator will then calculate the estimate for your new property taxes to help you prepare for the future.
Still not sure what this means? Have questions about trying to sell or buy a home now and what that could mean? Call us anytime at 919-785-1100. We are here to help!