Every four years Wake County revalues real estate to determine the amount of property tax that owners will pay for the next four years. The next revaluation is currently underway and will be effective as of January 1, 2024.

County officials carry out a multi-part analysis to update home values. There are several factors they take into account to determine the value of a property including age, location, size and sale price of similar properties. Individually the valuation takes into account improvements to a home like decks, landscaping, square foot additions, etc.. The goal is to make sure a property’s assessed value reflects its fair market value or the most probable price a property would sell for in a competitive and open market. However, homes usually sell for more than their government property valuation.

Property tax is Wake County’s largest source of revenue and funds a variety of things including education, emergency services, public health and more.

Wake County currently has a ‘tax neutral’ policy and aims to not increase overall tax revenue through property tax. Individual property tax can certainly still rise if it is determined that the value of a home has increased.

Most homes are likely to see at least some increase as our area has increased in value as a whole. However, there are factors that could cause a decrease in individual property valuation such as construction of a nearby highway.

Property owners will begin to receive notices in the mail of their new assessed value around January 18, 2024. If owners are not satisfied with the results they have the opportunity to appeal.

Most people will probably want their valuation to be as low as possible to reduce the amount of tax they would like to pay. It isn’t common but sometimes those planning to sell their property soon may want to appeal to have their valuation raised. Valuation may affect Zillow’s “Zestimate” which in turn could affect the public’s perception of its list price.

Taxpayers can appeal their values informally to the Department of Tax Administration or formally to the Wake County Board of Equalization and Review.

The deadline to file informal assessment appeals with the Department of Tax Administration is March 1, 2024, and the planned deadline to file a formal appeal to the Board of Equalization and Review is May 15, 2024. We will be posting a more detailed article on the appeals process, which appeal to do, who it could help etc.. in January 2024 after the revaluations come out.

In Wake County, property tax bills are sent out every July and due September 1st. The bill does not incur interest due (is not late) until after January 5th, allowing homeowners to choose in which year they want to pay property tax. Some may choose the payment year based on cash flow and/or income tax year.
Check back for our guide to the appeals process in January, and as always I’m happy to answer any questions you might have.