Fast growth affects tax values
Wake County Revenue Director Marcus Kinrade came to the Wake Forest Town Board’s work session Tuesday night and said the incredibly large increase in new houses built in town in 2006, 2007 and 2008 – just before the recession – coupled with the large percentage of high-end, expensive homes built then have resulted in a slower economic recovery for real estate in Wake Forest and Rolesville. All those expensive homes, many of which have sold or are being marketed well below their original price points have depressed market locally. One result is that overall Wake Forest residential tax values in the reappraisal just completed are 5 percent lower than in 2008. Commercial property has gained in value in town by 16 percent. Kinrade’s office mailed notices of the new tax values for the 360,000 county real estate parcels in December and is in the informal appeal process with agents in