Here’s what you need to know about Wake County property tax increases.
If you own a home in Wake County, your home’s tax value has recently been reassessed for 2024. Are you wondering what this means for your upcoming tax bills? Today, I’ll cover the latest tax assessment for Wake County properties and how it might impact your finances.
On January 1, 2024, Lake County increased property tax evaluations by an average of 51% compared to 2020. For residents in Durham, Orange, Chatham, and Johnston Counties, a similar reassessment is scheduled for next January. This shouldn’t come as a surprise, given the astronomical rise in property values over the past three years, fueled by historically low interest rates during the pandemic.
Before you panic, here’s some good news: Wake County and local municipalities are proposing a tax rate decrease of approximately 30% to help offset the increase in property values. If you feel that your property’s tax value is too high, there are steps you can take to possibly lower it.
First, ensure that the county has accurate information about your property. I often come across incorrect square footage, bedroom or bathroom numbers, or inaccurate lot sizes. If you notice any discrepancies, report them to the county, as this can affect the tax value. Second, all property owners have the right to appeal the appraised value. If you believe the value doesn’t reflect the fair market value and you have data to support your position, request an informal review and appeal their decision.
Based on personal experience, a detailed appeal with recent comparable sales supporting the lower value is crucial. If you need assistance with this, feel free to call or email me. Nobody should pay more taxes than necessary, and I’m here to help if possible.
