In WF, residential property increased by 15 percent, commercial by 26 percent
Wake County has completed the 2020 countywide tax value reappraisal. Although state law requires counties to conduct a general reappraisal of real property at least once every eight years, Wake County transitioned from an eight-year to a four-year cycle in 2016. The most recent general reappraisal was effective as of January 1, 2016.
Notices of new appraised value were mailed to all Wake County real property owners during the week of January 13. Although the notices reflect the newly appraised value of each property, Wake County will be unable to provide property owners with specific information regarding how much reappraisal will affect the taxes due for that property until after the Fiscal Year 2020-21 tax rates are set. Property tax bills will be mailed in July 2020 and calculated using the newly appraised value and the tax rates in place at that time.
Appraisal notices included a brochure explaining the reappraisal process and an appeal form should the property owner disagree with the new value. Property owners wishing to appeal their new appraised value are encouraged to use the online appeal option, which is available for the first time in Wake County.
Across the county, the total real property value increased by 24 percent as a result of the reappraisal, with total residential property value changing 20 percent and commercial property value increasing by 33 percent overall. The increase in commercial property value was largely driven by apartment values, hotel/motel values and commercial land values.
For Wake Forest, the average real property value increased by 17 percent, with total residential property values changing 15 percent and commercial property value increasing by 26 percent overall.
State law requires local governments to publish a revenue-neutral tax rate in their budgets immediately following the completion of the reappraisal of real property. The revenue neutral rate represents the tax rate estimated to generate the same amount of total property tax revenue as if the reappraisal did not occur. The revenue neutral rate is not property specific. It serves as an average starting point for fiscal year 2020-21 budget deliberations, but it may not be the rate adopted.
Wake County is offering an on-line revenue-neutral calculator that property owners can use to estimate the impact of this year’s reappraisal. However, due to the range of possible rates and potential for confusion, Wake Forest and a handful of other Wake County municipalities elected not to participate in the on-line revenue-neutral calculator. Instead, the Town will publish its revenue-neutral rate when the fiscal year 2020-21 proposed budget is presented in May. Wake Forest residents with questions regarding the Town portion of their tax rate are invited to email Chief Financial Officer Aileen Staples at astaples@wakeforestnc.gov<mailto:astaples@wakeforestnc.gov>. (Editor’s note: Wake Forest’s current tax rate is 52 cents per $100 valuation and includes the cost of garbage and recycling collection so no fees are charged for that.)
Information about current tax relief options allowed by state law are available online at www.wakegov.com/tax/relief/Pages/default.aspx<http://www.wakegov.com/tax/relief/Pages/default.aspx>. North Carolina offers income-based property tax relief programs for resident homeowners who are at least 65 years of age and totally and permanently disabled. Military veteran homeowners with a total and permanent service-related disability or their unmarried surviving spouses may also be eligible for a reduction in property tax.
For reappraisal questions, visit https://services.wakegov.com/taxportal, call 919-856-3800 or email reappraisal@wakegov.com<mailto:reappraisal@wakegov.com>.
One Response
In another NC county i lived in, we were provided the neutral tax assessed home value (not exact wording). Anything assessed value above that point would have an increase. Any assessed value below that amount would get a decrease Has this info been released. It at least gives you a clue before they mess with the tax rate. Government should not get a windfall because of newly assessed home values.