North Raleigh Today

Wake County has announced that they will be conducting a property revaluation in 2024. This revaluation, which is required by North Carolina law every four years, will determine the tax value of all land and structures in the county, including residential and commercial properties.

Residents of Raleigh can expect to receive letters in the coming weeks regarding updates to their property tax values. It is important to note that the majority of property values have increased, which may have an impact on the amount of property taxes residents will owe on their next tax bill. However, the exact impact on individual tax bills is not yet known.

There are two factors that contribute to property taxes: the property's assessed value and the tax rate set by elected county and municipal officials. Wake County and the City of Raleigh are required to publish revenue neutral tax rates, which are calculated to generate the same amount of revenue after accounting for normal growth. As property values have generally increased, it is likely that the revenue neutral tax rate will be lower than the current tax rate.

The revenue neutral tax rate is still being calculated and will be announced at a later date. City staff will also recommend options for the tax rate needed to fund city services as part of the annual budget process, with the proposal expected to come in late Spring 2024. The FY25 budget must be adopted by June 30.

Property taxes are Wake County's largest source of revenue, funding key services such as public education, emergency medical services, public health, law enforcement, affordable housing, and other community services. Revaluations ensure that the assessed property values are up to date and reflect changes in the market.

Residents will be able to access their property values on the Wake County website starting the week of January 15. Property value notices will also be mailed to all Wake County property owners. The county's website provides comprehensive information on the revaluation process, including frequently asked questions, next steps and timing, steps for appealing assessed value, a five-minute video explaining the process, and information on payment plans and tax relief programs.

For further assistance, residents can contact the Wake County call center at 919-857-3800 or via email at revaluation@wake.gov.

This property revaluation is an important step in ensuring that property taxes are fair and reflective of current market conditions. It is crucial for residents to stay informed and take advantage of the resources available to them to understand the impact on their tax bills and any available payment plans or tax relief programs.