Every four years, Wake County reappraises property values in order to reassess property taxes. Residential and commercial property owners in Wake County should have received their 2020 property tax values in the mail this month.
Tax administrator Marcus Kinrade says the local market has been extremely active since 2016, driving up property values.
“We have ample sales data to substantiate values calculated during this reappraisal process,” Kinrade said.
Since the last reappraisal in 2016, Kinrade says the average residential property values experienced a 20-percent increase countywide. He says there has been a low supply of homes for sale but a high demand, particularly for homes valued at less than $250,000. The increase in residential values was pushed up by this low inventory and high demand.
Commercial property values have gone up, on average, by 33 percent, Kinrade says. Hotel, apartment and industrial property prices have benefited from a very competitive market.
The exact amount of the increase in taxes on each property depends of the final budget numbers, Kinrade says.
“Please keep in mind that the reappraisal only focuses on updating assessed values for 2020 – not the amount of property tax that will be due," Kinrade said.
Until the county's Fiscal Year 2021 budget is adopted in June, precise numbers will not be available, he says.
To get a good idea of how much taxes on a property will go up, Kinrade suggests that property owners go online and use the county's Revenue-Neutral Tax Calculator.
Property owners who do not believe the value shown on their notice accurately reflects fair market value can submit a request for an informal review. The county encourages owners to complete informal review requests online.
Property owners may also submit review requests using the form included with the Notice of Value and mailing it to:
Wake County Tax Administration
Attention: Informal Review
P.O. Box 2331
Raleigh, NC 27602
The county will accept requests for informal reviews until March 1. Starting March 2, the Wake County Board of Equalization and Review will accept formal appeals until it adjourns on May 28, which is the last day to file an appeal of the 2020 valuation.