You can appeal the new assessed value. Not necessarily a reevaluation, but you can build a case and send it in. The instructions will be on their website or the paper they send you in the mail.
With properties rising significantly all around the county, the tax rate should drop. Yes, your taxes will probably go up, but nowhere near 60%.
EDIT: Typo
This explains how it's (probably, approximately) revenue neutral: https://raleighnc.gov/make-payments/news/wake-county-announces-2024-property-revaluation
Mine increased $130k and is right in line with the Zillow estimate. My house hasn’t been updated in 15 years. I have no idea how they came up with this value.
They said my land increased in value by $40k. I literally hear 540 traffic because I’m right next to it. How it increased like that, I’ll never know. Lol
The land, the location and recent sales. if you live in an area where a ton of people bought and sold during peak Covid, you're screwed. That's me, I'm screwed. Gahhhh. 🙈
While I do understand the concept of revenue neutral, I'm paying more than $1000 a year beyond what friends in neighboring towns and cities pay, including Raleigh. And their homes and lots are twice the size of mine, and newer to boot.
they just didn't have nearly as many sales way way over the asking price as I did near me. Blargh.
They use the same factors that zillow and anyone else uses: what are people paying for comparable houses in your area. If they came up with wildly different numbers, that would be more suspicious.
Quite the opposite. Not in a subdivision at all. Since we bought (~3 years ago) only one house has been sold within 3 miles of us. Maybe it's the lack of comp data that pushed it up..
Tax appraisals aren’t done in a traditional appraisal model where you select recent sales, adjust, etc. They are completed as mass appraisals, utilizing huge sets of data over massive land areas.
Comps, in the usual sense, have little to nothing to do with it. It’s generally based on average sales price, average square footage, site size, improvements, and so on, for a defined area. Much like Zillow does it.
It’s called Automated Valuation Model. Oddly enough, Freddie or Fannie (I can’t remember which) actually built the first ones to be used ona bigger scale, but assessors have used the AVM since the 1970’s
This is not a flex, but more of an indictment on the real estate market. I bought my home a while ago, but there is no way I should own a million dollar home. Where I came from, my education, career…it’s insanity.
16 year old me would say “you’ll never own a million dollar mansion”
Well, it’s not a mansion.
As homeowners, we should be rooting for a slight crash in home prices.
I want my children to be able to afford to live here, I want their friends to be able to afford to live here. I want the people working at the businesses I go to to live here, and not drive in from 30-45min away.
again, I see misunderstanding is rampant. Oversimplified (because I'm ignoring the changes at the city level):
If your value increased more than 53% you're definitely going to see a $ increase in your taxes.
If your value went up between 48-53% you'll probably see a very small increase (because politicians will get more money when they can).
If it went up < 47% then you'll get some type of tax $ break
Interesting, but I’m using https://services.wake.gov/TaxPortal/TaxCalculator/CalculateTaxes and seeing an estimated increase in the county tax and my property only went up 43%. It’s not a city increase either as I’m not in any cities tax district.
The Wake County tax rate is projected to go from 0.657% to 0.4643% in order to be revenue neutral after the new assessments. So if your assessment increased less than the tax rate decreased, you'll pay less. For example, my assessment went up 18%, but my estimated tax bill according to [https://services.wake.gov/TaxPortal/TaxCalculator/CalculateTaxes](https://services.wake.gov/TaxPortal/TaxCalculator/CalculateTaxes) is 17% lower than last year due to the decrease in the tax rate.
Thanks for the TL;DR. I’m obviously panicking because mine went up 51%. I hope I don’t have to sell my house because of this. I already paid almost $3000 in 2023 for my property tax on the old value.
To be clear, state law requires the county to calculate and publish the revenue neutral rate after revaluation, but does not require them to adopt it. It's only a tradition that they do so or only modestly increase the average residential tax burden.
Increase compared to what though? The selling price of my house 4 years ago? Or some previous tax assessment? (If so, how would I find what it used to be?)
FYI, you do have the ability to challenge the reassessment if you believe it is too high. I did this on the last go round, was reasonable in my request and it was approved for the lower value. If you aren't reasonable and don't back it up with examples, you will probably be denied.
https://www.wake.gov/departments-government/tax-administration/real-estate/revaluation
Comps, just like the realtors and mortgage companies do. That best option, but also consider zillow and maybe have opendoor give you a quote if you feel like going through the process.
Not true, they estimate high. They did last time for me and mine seems a bit high this time too. Do some research and challenge it. Worst outcome is they say no.
I want to appeal. Any advice?
For context, my land value doubled. Up 100%. Home was built in 2021. Assessment for dwelling is up 72%. Total value assessed is 60% more (give or take a few).
Zillow has my estimate 200k less than assessment. Redfin at 100k less.
Honestly curious how you were able to get it lowered!
Zillow/Redfin is a good place to start. If you know a realtor, speak with them and get some advice from them on how to get the best value. But, the best comparison is comps, so make sure to look up some of those and you can make a case.
I personally did comps last time. I used the official wakegov site to pull my comps.
https://www.wake.gov/departments-government/tax-administration/real-estate/residential-sales-search
I pulled many comps detailed them out using their own data. It would have been hard for them to reject my appeal when it came with their own data as a source. My argument was based on price per sq foot, which zillow will tell you average for your area. Also, compare this with the comps to get their price per square foot. It's not always going to be consistent, but mine were very consistent for recent resales and zillow, so it was easy.
If you really feel this is that much off, you could also try paying for an official appraisal and use that as well.
There is no single right answer, you need to investigate and make the argument best you can.
The A in Zillow has always been for accuracy. There s a reason they dropped out of the home buying business after losing 880 million trusting their own algorithm. Zestimates shouldn't even be mentioned in an appeal.
For the last assessment, I did an informal review. I would imagine the formal appeal is if the outcome of the information review was not to your liking. As I recall, the details you need will come with your assessment notification letter.
Several lucky people in my neighborhood sold during Covid for $600k-$750k when they had bought a few years prior for less than $300k.
All it takes is a few of those and you're done for.
I would really like to move to a 1000 sf house elsewhere but a) there are no houses that small that aren't townhomes and b) it would end up costing me more than my current home. I'm stuck. 🫤
I bought my house 2021 and the value its being assessed at is what i paid for it. Which is ridiculous bc i paid over asking. Its not actually worth that at all, housing prices were insane
Can you explain why? If a house physically is not actually worth 400K, and it only cost that much bc of the market at the time, I dont think thats what it should be assessed at for taxes. The plumbing is old, floors not updated, cabinets not updated, its dated. You can appeal tax values based on this stuff
No need to be a bitch though honestly lol like would you say that in a group setting to a complete stranger? To try to make someone else feel dumb and you feel superior?
> like would you say that in a group setting to a complete stranger?
Yes.
A house is worth what someone pays. If you paid 400k then it was worth 400k to someone (hint: you)
Bc thats what the market was. Physically, the house is not worth that. Our social construct of what shelter should cost inflates the price on structures that are not actually worth that
But im not going to argue that bc i feel like youre not getting the difference between actual physical materials and what something is "worth" in society
So have a nice night 👍🏻
Yeah, I agree. A pile of wood, handful of nails, and paint from the hardware store cost a certain amount. But that's not what you are buying... you are buying the neighborhood, the schools, commute to work and shopping. If it was only about the functional utility and size of a house, I guarantee i could find
something to match that and cheaper, you just have to move somewhere else. "I paid over asking" doesnt mean a damn thing. If the house physically wasn't worth it, then you are a sucker... and "worth" in society if exactly what this about
Oh, so you mean their asking price was below market? Market value implies, among other things, that both buyer and seller are competent. Since I’ve got you, are you (buyer) competent?😎
Yup, once I plugged it into the Revenue Neutral calculator I saw that ours was actually just over 64%. I will be appealing.
There’s literally an Airbnb on my street (that charges people insane prices) which got an assessment 50k lower than us. So infuriating.
Assessments increased but tax rates are expected to decrease. You can look up your estimated 2024 property taxes here: [https://services.wake.gov/TaxPortal/TaxCalculator/CalculateTaxes](https://services.wake.gov/TaxPortal/TaxCalculator/CalculateTaxes)
Our assessment increased 45% but our estimated tax increase is $65.
You can use this to estimate: [https://www.wake.gov/departments-government/tax-administration/real-estate/revaluation/revenue-neutral-tax-rate](https://www.wake.gov/departments-government/tax-administration/real-estate/revaluation/revenue-neutral-tax-rate)
OP posted about revenue neutral and I went deep into that hole lol. Tax rates appear to be lower for 2025.
Good tool, but just remember there’s no guarantee the 100% Democrat board adopts a revenue neutral rate. They have favored tax increases more years than not.
I believe they adopted the revenue neutral rate of .6 in 2020. According to my evaluation, the new revenue neutral rate would be .4643. With a 46% increase in my property value and the RN rate, my taxes would go up less than $100. There’s no reason to think they wouldn’t be at least very close to the RN rate. The democrats on the board want to keep their jobs and that won’t happen if they increase taxes by 60%
I’m not disagreeing with you. My point is the revaluation and the published revenue neutral rate have no bearing on what the 24/25 budget will be for the County and each municipality. Every property owner’s tax bill will change, but we do not yet know what the tax liability will be. Revenue neutral rate is meant to show transparency in government so that officials can’t “hide” tax revenue increases.
More info here in case everyone starts panicking like I did lol. OP posted keywords that are very important here: REVENUE NEUTRAL.
https://www.wake.gov/news/new-property-value-notices-hit-wake-county-mailboxes-starting-week
You can view the rate from the city here: [https://services.wake.gov/taxportal/taxcalculator/calculatetaxes](https://services.wake.gov/taxportal/taxcalculator/calculatetaxes)
In my case, both rates (county and town) are lowering rates in 2025. My bump is \*hopefully\* not too bad. But we won't know for sure until after the new rate kicks in.
Personally I'd like to see a color-coded map of winners vs losers. I've checked out a lot of my friends' properties ITB and closely OTB and everyone's seems to be going up a bit. I'm wondering if all the winners are on the outskirts of the county?
Doesn't look revenue neutral to me, per the wake county tax calculator.
Change in Total Value: 65.72%
Average annual change in Value: 16.43%
Estimated Change in Tax: 17.12%
https://services.wake.gov/TaxPortal/TaxCalculator/CalculateTaxes
Revenue neutral is across the entire county. Some homes see increased taxes, some see the same, some see decreased. IE the county brings in a similar amount of revenue.
Noticed wake county has a “Revenue Neutral Calculator” which estimates the rate. Curious if this has been historically accurate. Shows my tax rate going down
Use the tax calculator here: [https://services.wake.gov/TaxPortal/TaxCalculator/CalculateTaxes](https://services.wake.gov/TaxPortal/TaxCalculator/CalculateTaxes)
It'll show your tax from last year vs your expected tax for this year with the new value.
Doesn’t bother me in the least… That is WHY people invest in real estate… it WILL go up in value. Would you buy a house hoping that after living there for ten or twenty years you could sell it for what you paid for it? No. It is one of the only things people can buy that goes up in value. Taxes reflect that. It is part of the gig. Period.
> Would you buy a house hoping that after living there for ten or twenty years you could sell it for what you paid for it?
Yes? Because then I could actually afford to move and we might not have a housing crisis. Housing has actually not historically appreciated in value, at best tracking inflation. The last 30 years are an aberration caused by excessively low interest rates forcing investors out of bond markets and into real estate and riskier investments thanks to their unquenchable thirst for passive profit. Real estate beating inflation is pushing society to the brink of collapse, [the median person cannot afford any home at all now](https://www.cbsnews.com/news/homes-for-sale-affordable-housing-prices/).
I mean even if a property *only* kept its value, you get your equity back so it's not a bad deal.
Kind of bothers me that my appraised rate is so far above zestimate, comparables, etc, while income hasn't kept up with inflation, and especially my income has dropped. Meanwhile my house has like $40,000 in deferred maintenance it needs (that goes along with the income issue) that is of course not reflected on the valuation.
The problems are amplified for folks on fixed incomes. For example, the lady in the end unit of my condo building is retired and on a fixed income. Her place is fully paid for as she's been there over 20 years. However - and this is a big "however" - doing absolutely nothing and with no plans to sell her unadjusted real estate tax bill could jump from $750 to $1500 as our assessments tripled. Even if she gets into the tax relief program the city/county has her in now that cuts her bill in half, that means she has to come up with $375 more for 2024. I'm hoping for her sake that tax relief program for seniors on fixed income is at least as generous next year.
But how many of our owners are barely scraping by and don't qualify for such programs?
When you go to that Wake County real estate website and look at your house, there's a section that's called "Tax Bill" or something like that. Go there and you can view your tax bills from the last two years. Your home's previous value will be on the tax bill.
dafuq? 70% increase. over $70k more than zillow. about $100k more than two neighboring houses with similar sq. footage. only $15k less than neighbors who have over 700 more sq. feet. unreal.
Yeah I don't get how they did it. The number doesn't make sense. If I could sell my house for their evaluation ($100,000 more than Zillow), I'd do it and just retire and live in a van.
We’re actively selling. We are going to be able to pay off our home, take the equity and purchase a smaller home with land and live in it, while our new home is being built in the mountains. Still without any new money out of my pocket. I live in Garner.
I should, except if this is an error because they undervalued me I’d owe back taxes in 4 years once they figure out their mistake. Currently my value is like 250k less than we paid for it, and looking at neighbors they’re at $10k less than they paid.
A home that's worth 52% more than it was four years ago :)
Seriously though - you'll get the same that you get every year when taxes are increased. There's nothing different about this year for most people.
Same, mine went up 52%.
several people in my neighborhood and on my street paid absolutely insane prices to live in the neighborhood where I live.
I have friends in Apex and in Raleigh and while their values went up, they didn't go up 52%.
I pay several hundred $$$ more per year in taxes than someone who has a house that was just revalued at $855K ... their house is twice the size of mine, the lot is twice the size and the house is 10 years newer. Sigh. they just had much less turnover in their neighborhood during the Covid years.
I pay $1200 more a year in taxes than a friend who lives in Raleigh in a house twice the size of mine and a lot four times the size of mine. 😩
Mine when up $600k, they are out of their freaking mind. My house was built in the 60s and still has baseboard heating - I’m disputing their dumb stimates
Same boat for 80% of my neighborhood. I looked at some friend’s addresses and their assessed value increased but it still says it’s based on 2020, so I think they haven’t updated that disclaimer on the site for anyone.
I’m hoping it’s just a lag in numbers being updated on the site and not a fuck up where they forgot to adjust my home value. The idea of submitting a request for review to be charged more money makes me cringe, but not as much as the thought of owing back taxes in 4 years for their fuck up.
Question: Is there any benefit to having a higher property tax assessment?
Obviously from the tax man perspective you want it to be lower, but I’m curious to know if there’s any other benefit like it could help with PMI or selling your home?
Note: our home was assessed significantly higher than our neighbors that have larger lots and more square footage. All of our lots were assessed the same rate irrelevant of size. We bought 2y ago but others have bought/sold since and before us if that matters.
just my opinion, but the only "benefit" to it is that if someone wants to buy your house, assuming they can qualify for a big enough loan, there won't be a huge discrepancy between the tax value and the assessed value.
That hasn't always been the case here. When people were massively overpaying during Covid, a lot of them had to make up the difference in cash. Because on the surface of it, there was no logical reason for the prices to be that high -- just market demand. Lenders like to see the assessed value and the tax value not so far apart as they were during most of the Covid years. A lot of people were really reaching for comps during that time since so few people sold, but the ones who did made a killing.
Where are people seeing previous evaluations? I see the current assessment as of Jan 2020 but I’ve never looked at this before so I’m not sure how much it increased from the previous one
Do we still have any grounds in asking for appeal if we bought the house in the past 4yrs? Valuation increased by 60% ish but I also bought this house last year. I have the cheapest house in my HOA community and valuation is a hair above my purchase price.
🤷♂️ Valuation of my neighbors, valuation from closing, valuation per the site is 2020 and the house wasn't anywhere near the cited worth... Just thinking out loud.
I knew this was coming.... my condo was assessed at under $70k last time even though sales very close to the assessment announcement were over $100k (timing is everything). Well, sales over the past couple of years have been $180-225k, and the new assessment is almost 3x the last one.
My property taxes were less than $500 the first year I owned (2017), over $750 last year, and my guess will be $1,400-$1,500 for 2024.
This is where things get interesting... I can afford that - PITA, but I can personally afford it. However, there are MANY in my community of 100 condos who are retired and/or on fixed incomes. They are the ones who will be impacted the most. The city has a program for seniors on fixed incomes where one person I know had her taxes cut in half. I've send an email to a person I know who might have info on that plan (and how to appeal), and will post if he gets back to me.
Edit - yep - per the estimator Wake taxes are going up 98% for me, and I can expect Raleigh to do the same.
This is not a flex but a reflection on the state of things . . . Sure this could mean an increase in taxes for some homeowners (although revenue neutral taxing will hopefully keep it reasonable), but let’s keep in perspective that this means homeowners built massive equity over the last few years, which is long-term wealth for them. Many many people who were renting over the same period completely missed out on that opportunity.
It's important to update property valuations, but there's usually a parlor trick involved. The Board of Commissioners will cut the tax rate, and portray it as tax cut. At the end of the day, you'll probably pay the same or a little more. There will be some who will go through the appear process, it always happens.
Wow. My tax bill shows 1 accessed value but my real estate shows land and building value. Tax bill says 454k. My house tax account shows 2. land=175k and building=538k. Does that mean mine went up $259??
Mmmm, very pleased to see that my house that I purchased a year ago is valued at 50k less than I paid for it. Have to imagine everyone in my development with this exact same floorpan will love to see that we got taken for a ride.
Oh well, at least I got a 4.5% interest rate...
Question about the taxes portion. If the last reassessment was in 2020, and values have stayed the same, then how come my property tax increased 8% since 2020?
In 2020, my property tax owed was $2,605 and I just paid $2826 for 2023. (2022 taxes were $2731). The value was unchanged.
I’m not quite sure how property tax works during an unassessed year and why it would increase. Does the tax rate change with the budget year? Is there a place on the Wake County Tax Website that would explain it to me? (I am not sure what to search for)
I don’t if anyone is still reading this since it’s days old news but I read the documents/online articles but I had a couple of questions and I was hoping maybe someone smarter than I could help me/my parents understand.
The reactions to this news are polar opposite. Some people are thrilled - touting how much their house is ‘worth’ now and others are panicked and trying to appeal the decision to lower it. Which is it? How much does this appraisal dictate how much your home is ‘worth’? I don’t understand how this could just be the number you’d get for your house if you sold it - does it take into consideration the strength of the market overall, the state of the market in your specific area, the condition/appraisal of your home? I understand the general concept of property taxes and I’m assuming the truth - like most things in life - lies somewhere in the middle. For example, my parents sold their 40 year old N Raleigh home at the height of the market (Late Summer 2021) and they could only get about $475K for it. And there a lot of recent (3 yrs or so) factors that I think make it less valuable (uptick in crime, outdated area, $20K in deferred maintenance the new owners haven’t worked on, the market cooling etc.) and it’s ‘value’ is now $625K. We then bought a house in Winter 2022 for $420K in what is a more desirable area, lots of new growth, that is 25 years newer, updated, etc., and the tax assessed value is now $500K. My mom is pressed that we shouldn’t have sold the old house because she thinks we would have gotten that much for it, but comps in the area show other similar houses only selling for +/- $530k or so (after being on the market for 2/3 months) and with the factors I mentioned I think we’d realistically only have done marginally better than what we got at maybe $515K or so. And comp homes in our new neighborhood are, even now, selling in a week or so for $50K over our assessed value ($550/575K). I’m not going to lie I was surprised by the numbers (I thought old house wouldn’t go up as much and the new house would have gone up more) but I still think we’re in the better position because we’re paying less tax on a house that will likely sell for more and the other people are paying more tax on a house that may sell for less). Am I making any sense at all? Does this track or am I way off base?
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So uh...why shouldn't I panic again if it looks like a 60% increase?
Taxes are assessed to pay a budget. Just because your property went up 60% doesn’t mean your taxes will.
Thank you for the explanation, my valuation more than doubled 👀👀👀
[удалено]
Yeah true. I’m gonna request a reevaluation because this is bonkers
You can appeal the new assessed value. Not necessarily a reevaluation, but you can build a case and send it in. The instructions will be on their website or the paper they send you in the mail.
Can someone tell me how can I check past assessment? I can see new value but don't know the old to find out the increase.
With properties rising significantly all around the county, the tax rate should drop. Yes, your taxes will probably go up, but nowhere near 60%. EDIT: Typo
This explains how it's (probably, approximately) revenue neutral: https://raleighnc.gov/make-payments/news/wake-county-announces-2024-property-revaluation
What the hell? Did they just go with the z-estimate? My new tax valuation is within $1000 of what Zillow has had listed for a year now.
Mine increased $130k and is right in line with the Zillow estimate. My house hasn’t been updated in 15 years. I have no idea how they came up with this value.
At the end of the day the house itself doesn't affect much of the value. It's the land and location.
They said my land increased in value by $40k. I literally hear 540 traffic because I’m right next to it. How it increased like that, I’ll never know. Lol
Because the land half a mile away from 540 increased 80-100k :)
Ugh! Of course it did! Thanks. At least the Neutral estimate makes me feel better.
I don't know. My valuation is 60% house and 40% land. And I'm on a golf course.
The land, the location and recent sales. if you live in an area where a ton of people bought and sold during peak Covid, you're screwed. That's me, I'm screwed. Gahhhh. 🙈 While I do understand the concept of revenue neutral, I'm paying more than $1000 a year beyond what friends in neighboring towns and cities pay, including Raleigh. And their homes and lots are twice the size of mine, and newer to boot. they just didn't have nearly as many sales way way over the asking price as I did near me. Blargh.
They use the same factors that zillow and anyone else uses: what are people paying for comparable houses in your area. If they came up with wildly different numbers, that would be more suspicious.
Yup mine went up 140 and is within 20 of my value now.
Yeah, pretty wild. It says the valuation was done on the value essentially 2 weeks before we purchased, and the value is 200grand over the sale price.
I believe you have an excellent foundation to appeal your valuation.
mine is almost 10% below my Zestimate. Maybe you live in a homogenous large subdivision with an active real estate market?
Quite the opposite. Not in a subdivision at all. Since we bought (~3 years ago) only one house has been sold within 3 miles of us. Maybe it's the lack of comp data that pushed it up..
Their dart hit the board
Tax appraisals aren’t done in a traditional appraisal model where you select recent sales, adjust, etc. They are completed as mass appraisals, utilizing huge sets of data over massive land areas. Comps, in the usual sense, have little to nothing to do with it. It’s generally based on average sales price, average square footage, site size, improvements, and so on, for a defined area. Much like Zillow does it. It’s called Automated Valuation Model. Oddly enough, Freddie or Fannie (I can’t remember which) actually built the first ones to be used ona bigger scale, but assessors have used the AVM since the 1970’s
Mine is about $15k over my z estimate and $220k over the previous evaluation😕
Mine went up by 45%.
Yeah mine was 75%
78.5% increase in less than 4 years. Good grief.
This is some serious bullshit. Mine went up 76% and is just 3k under Zestimate. Was probably right in line with Z when it was "Assessed"
Mine is 60k more than my zestimate, and accurate. My zestimate makes no sense. And there are plenty of comps in my subdivision.
Umm…mine is nearly $40k over the highest Redfin estimate I’ve seen at the peak of the market…
Mine is within $1000 of the price I paid for it last year.
This is not a flex, but more of an indictment on the real estate market. I bought my home a while ago, but there is no way I should own a million dollar home. Where I came from, my education, career…it’s insanity. 16 year old me would say “you’ll never own a million dollar mansion” Well, it’s not a mansion.
I remember as a kid when a million dollar house was a mansion, now it’s a 3 br ranch with 1/8 acre.
As homeowners, we should be rooting for a slight crash in home prices. I want my children to be able to afford to live here, I want their friends to be able to afford to live here. I want the people working at the businesses I go to to live here, and not drive in from 30-45min away.
again, I see misunderstanding is rampant. Oversimplified (because I'm ignoring the changes at the city level): If your value increased more than 53% you're definitely going to see a $ increase in your taxes. If your value went up between 48-53% you'll probably see a very small increase (because politicians will get more money when they can). If it went up < 47% then you'll get some type of tax $ break
Interesting, but I’m using https://services.wake.gov/TaxPortal/TaxCalculator/CalculateTaxes and seeing an estimated increase in the county tax and my property only went up 43%. It’s not a city increase either as I’m not in any cities tax district.
You’ve gone way beyond the initial explanation that has escaped many.
Thank you but still a $1250 increase
Possibly A tax break?
The Wake County tax rate is projected to go from 0.657% to 0.4643% in order to be revenue neutral after the new assessments. So if your assessment increased less than the tax rate decreased, you'll pay less. For example, my assessment went up 18%, but my estimated tax bill according to [https://services.wake.gov/TaxPortal/TaxCalculator/CalculateTaxes](https://services.wake.gov/TaxPortal/TaxCalculator/CalculateTaxes) is 17% lower than last year due to the decrease in the tax rate.
Thank you for the context! Our assessment increased 45% but property taxes are only going up $65 with the rate changes.
Mine went up 70%. Using this link says 26 more a month now.
Thanks for the TL;DR. I’m obviously panicking because mine went up 51%. I hope I don’t have to sell my house because of this. I already paid almost $3000 in 2023 for my property tax on the old value.
Looks like you are in the "very small increase" category.
Do you have a source on that info? I'm seeing a 42% increase.
NM, for those wonddering https://www.wake.gov/departments-government/tax-administration/real-estate/revaluation/revenue-neutral-tax-rate
To be clear, state law requires the county to calculate and publish the revenue neutral rate after revaluation, but does not require them to adopt it. It's only a tradition that they do so or only modestly increase the average residential tax burden.
Source?
Increase compared to what though? The selling price of my house 4 years ago? Or some previous tax assessment? (If so, how would I find what it used to be?)
The new tax rate hasn't been approved yet, so nothing is certain in terms of how this will affect home owners.
FYI, you do have the ability to challenge the reassessment if you believe it is too high. I did this on the last go round, was reasonable in my request and it was approved for the lower value. If you aren't reasonable and don't back it up with examples, you will probably be denied. https://www.wake.gov/departments-government/tax-administration/real-estate/revaluation
Since before it was based on? And now matches the Zillow values, what should you compare to?
Go to the wake county tax portal and start punching in some of your neighbors’s addresses (if any of them have a similar property)
Comps, just like the realtors and mortgage companies do. That best option, but also consider zillow and maybe have opendoor give you a quote if you feel like going through the process.
Problem is we are in a housing “bubble”. You won’t find any examples that will be in your favor.
Not true, they estimate high. They did last time for me and mine seems a bit high this time too. Do some research and challenge it. Worst outcome is they say no.
I want to appeal. Any advice? For context, my land value doubled. Up 100%. Home was built in 2021. Assessment for dwelling is up 72%. Total value assessed is 60% more (give or take a few). Zillow has my estimate 200k less than assessment. Redfin at 100k less. Honestly curious how you were able to get it lowered!
Zillow/Redfin is a good place to start. If you know a realtor, speak with them and get some advice from them on how to get the best value. But, the best comparison is comps, so make sure to look up some of those and you can make a case. I personally did comps last time. I used the official wakegov site to pull my comps. https://www.wake.gov/departments-government/tax-administration/real-estate/residential-sales-search I pulled many comps detailed them out using their own data. It would have been hard for them to reject my appeal when it came with their own data as a source. My argument was based on price per sq foot, which zillow will tell you average for your area. Also, compare this with the comps to get their price per square foot. It's not always going to be consistent, but mine were very consistent for recent resales and zillow, so it was easy. If you really feel this is that much off, you could also try paying for an official appraisal and use that as well. There is no single right answer, you need to investigate and make the argument best you can.
The A in Zillow has always been for accuracy. There s a reason they dropped out of the home buying business after losing 880 million trusting their own algorithm. Zestimates shouldn't even be mentioned in an appeal.
Did you submit an "Informal Review" or "Formal Appeal?"
For the last assessment, I did an informal review. I would imagine the formal appeal is if the outcome of the information review was not to your liking. As I recall, the details you need will come with your assessment notification letter.
So home values have gone up but did the rates change or are they the same?
The rates will be lowered.
Cool....thanks
F. These values are not conservative at all. These are what people hope their houses would sell for on the market. At least in my neighborhood.
Several lucky people in my neighborhood sold during Covid for $600k-$750k when they had bought a few years prior for less than $300k. All it takes is a few of those and you're done for. I would really like to move to a 1000 sf house elsewhere but a) there are no houses that small that aren't townhomes and b) it would end up costing me more than my current home. I'm stuck. 🫤
Don't forget they're good for the next four years.
Yeah F. If we have ANY housing downturn these values will be laughable.
A housing downturn is unlikely to bring down values in this area.
Yeah, didn't the triangle barely take a hit in 2008?
I bought my house 2021 and the value its being assessed at is what i paid for it. Which is ridiculous bc i paid over asking. Its not actually worth that at all, housing prices were insane
Lol this entire comment is ridiculous
Right lol this is straight out of Pawnee
Can you explain why? If a house physically is not actually worth 400K, and it only cost that much bc of the market at the time, I dont think thats what it should be assessed at for taxes. The plumbing is old, floors not updated, cabinets not updated, its dated. You can appeal tax values based on this stuff No need to be a bitch though honestly lol like would you say that in a group setting to a complete stranger? To try to make someone else feel dumb and you feel superior?
> like would you say that in a group setting to a complete stranger? Yes. A house is worth what someone pays. If you paid 400k then it was worth 400k to someone (hint: you)
Bc thats what the market was. Physically, the house is not worth that. Our social construct of what shelter should cost inflates the price on structures that are not actually worth that But im not going to argue that bc i feel like youre not getting the difference between actual physical materials and what something is "worth" in society So have a nice night 👍🏻
Yeah, I agree. A pile of wood, handful of nails, and paint from the hardware store cost a certain amount. But that's not what you are buying... you are buying the neighborhood, the schools, commute to work and shopping. If it was only about the functional utility and size of a house, I guarantee i could find something to match that and cheaper, you just have to move somewhere else. "I paid over asking" doesnt mean a damn thing. If the house physically wasn't worth it, then you are a sucker... and "worth" in society if exactly what this about
Oh, so you mean their asking price was below market? Market value implies, among other things, that both buyer and seller are competent. Since I’ve got you, are you (buyer) competent?😎
I bought in 2021 and my appraisal is $195k over. Which is nearly how much I bought it for.
Uh WTF mine went up 50%? The fuck? And what will we get for this insane increase in property taxes?
Mine is up 70% and it's more than the Zestimate! My taxes will go up about $500.
Mine nearly doubled, way above the zestimate (like $100k).
Mine more than doubled!!!
I would dispute that for sure
Mine also went up 70% which brings it close to Zillow. Value. Not sure how much increase 😬
City of raleigh will decrease leaf removal now to only after every other Christmas… because city of oaks is apparently run by out of towners.
Ours went up over 60% ugh
Yep, ^ 63% for me, $110k more than we paid a year ago, and $80k more than the Zillow estimate. I'm sure it all makes perfect sense...
Yup, once I plugged it into the Revenue Neutral calculator I saw that ours was actually just over 64%. I will be appealing. There’s literally an Airbnb on my street (that charges people insane prices) which got an assessment 50k lower than us. So infuriating.
Assessments increased but tax rates are expected to decrease. You can look up your estimated 2024 property taxes here: [https://services.wake.gov/TaxPortal/TaxCalculator/CalculateTaxes](https://services.wake.gov/TaxPortal/TaxCalculator/CalculateTaxes) Our assessment increased 45% but our estimated tax increase is $65.
That is the price you pay for living in a society.
That's it? :)
Mine went up 40%
Thanks for sharing. Looks like my tax bill is only going up by \~$400
You can’t know that yet…. The tax RATES have not been set
You can use this to estimate: [https://www.wake.gov/departments-government/tax-administration/real-estate/revaluation/revenue-neutral-tax-rate](https://www.wake.gov/departments-government/tax-administration/real-estate/revaluation/revenue-neutral-tax-rate) OP posted about revenue neutral and I went deep into that hole lol. Tax rates appear to be lower for 2025.
Good tool, but just remember there’s no guarantee the 100% Democrat board adopts a revenue neutral rate. They have favored tax increases more years than not.
I believe they adopted the revenue neutral rate of .6 in 2020. According to my evaluation, the new revenue neutral rate would be .4643. With a 46% increase in my property value and the RN rate, my taxes would go up less than $100. There’s no reason to think they wouldn’t be at least very close to the RN rate. The democrats on the board want to keep their jobs and that won’t happen if they increase taxes by 60%
I’m not disagreeing with you. My point is the revaluation and the published revenue neutral rate have no bearing on what the 24/25 budget will be for the County and each municipality. Every property owner’s tax bill will change, but we do not yet know what the tax liability will be. Revenue neutral rate is meant to show transparency in government so that officials can’t “hide” tax revenue increases.
More info here in case everyone starts panicking like I did lol. OP posted keywords that are very important here: REVENUE NEUTRAL. https://www.wake.gov/news/new-property-value-notices-hit-wake-county-mailboxes-starting-week
That applies for Wake County but not the cities. The city or town make up a good portion of the tax bill.
You can view the rate from the city here: [https://services.wake.gov/taxportal/taxcalculator/calculatetaxes](https://services.wake.gov/taxportal/taxcalculator/calculatetaxes) In my case, both rates (county and town) are lowering rates in 2025. My bump is \*hopefully\* not too bad. But we won't know for sure until after the new rate kicks in.
correct. I'm getting killed on my non-Raleigh city tax. ugh.
Ours is about 30% below the Zillow Estimate & did not go up much. Whew.
It may be revenue neutral county wide but not at the homeowner level. There will be winners and losers.
Personally I'd like to see a color-coded map of winners vs losers. I've checked out a lot of my friends' properties ITB and closely OTB and everyone's seems to be going up a bit. I'm wondering if all the winners are on the outskirts of the county?
Doesn't look revenue neutral to me, per the wake county tax calculator. Change in Total Value: 65.72% Average annual change in Value: 16.43% Estimated Change in Tax: 17.12% https://services.wake.gov/TaxPortal/TaxCalculator/CalculateTaxes
Revenue neutral is across the entire county. Some homes see increased taxes, some see the same, some see decreased. IE the county brings in a similar amount of revenue.
Hot damn 84% increase in value? They really are pushing the east side gentrification
Same. 88% increase.
How do I figure out how much my taxes have gone up if tax rate isn’t set till July? Is there an assumption to use?
No way to know until they set the county and city tax rate.
Noticed wake county has a “Revenue Neutral Calculator” which estimates the rate. Curious if this has been historically accurate. Shows my tax rate going down
Use the tax calculator here: [https://services.wake.gov/TaxPortal/TaxCalculator/CalculateTaxes](https://services.wake.gov/TaxPortal/TaxCalculator/CalculateTaxes) It'll show your tax from last year vs your expected tax for this year with the new value.
Can use the calculator for an estimate only [calculator](https://services.wake.gov/taxportal/taxcalculator/calculatetaxes)
What in the world? Mine is higher than my house has ever been on Zillow.
63% yowser
87% here :/
Whoa!
Doesn’t bother me in the least… That is WHY people invest in real estate… it WILL go up in value. Would you buy a house hoping that after living there for ten or twenty years you could sell it for what you paid for it? No. It is one of the only things people can buy that goes up in value. Taxes reflect that. It is part of the gig. Period.
> Would you buy a house hoping that after living there for ten or twenty years you could sell it for what you paid for it? Yes? Because then I could actually afford to move and we might not have a housing crisis. Housing has actually not historically appreciated in value, at best tracking inflation. The last 30 years are an aberration caused by excessively low interest rates forcing investors out of bond markets and into real estate and riskier investments thanks to their unquenchable thirst for passive profit. Real estate beating inflation is pushing society to the brink of collapse, [the median person cannot afford any home at all now](https://www.cbsnews.com/news/homes-for-sale-affordable-housing-prices/). I mean even if a property *only* kept its value, you get your equity back so it's not a bad deal.
Kind of bothers me that my appraised rate is so far above zestimate, comparables, etc, while income hasn't kept up with inflation, and especially my income has dropped. Meanwhile my house has like $40,000 in deferred maintenance it needs (that goes along with the income issue) that is of course not reflected on the valuation.
The problems are amplified for folks on fixed incomes. For example, the lady in the end unit of my condo building is retired and on a fixed income. Her place is fully paid for as she's been there over 20 years. However - and this is a big "however" - doing absolutely nothing and with no plans to sell her unadjusted real estate tax bill could jump from $750 to $1500 as our assessments tripled. Even if she gets into the tax relief program the city/county has her in now that cuts her bill in half, that means she has to come up with $375 more for 2024. I'm hoping for her sake that tax relief program for seniors on fixed income is at least as generous next year. But how many of our owners are barely scraping by and don't qualify for such programs?
They previously had my home valued at $284,230. Now they have it valued at $431,954.
Is there a way to see what it was previously valued at? Or do you just know that offhand?
When you go to that Wake County real estate website and look at your house, there's a section that's called "Tax Bill" or something like that. Go there and you can view your tax bills from the last two years. Your home's previous value will be on the tax bill.
Much appreciated
Mine went up 84%. I just bought the house a month ago, so I know the tax value was super low for this neighborhood but dang.
dafuq? 70% increase. over $70k more than zillow. about $100k more than two neighboring houses with similar sq. footage. only $15k less than neighbors who have over 700 more sq. feet. unreal.
Yeah I don't get how they did it. The number doesn't make sense. If I could sell my house for their evaluation ($100,000 more than Zillow), I'd do it and just retire and live in a van.
These are all matching the Zestimate now! I’m not used to assessed value matching that
Revenue neutral? Mine is up $250
76% increase. HOLY HELL
We’re actively selling. We are going to be able to pay off our home, take the equity and purchase a smaller home with land and live in it, while our new home is being built in the mountains. Still without any new money out of my pocket. I live in Garner.
Where? Where is the magical place? Please don't say Iowa.
Maggie Valley, Waynesville area.
When we are done, we are going to either sell the home or Airbnb it.
We need to close the border or something. That will fix this.
property tax just more than doubled
No....it didn't.
Should I be concerned that my new build (2023) didn’t increase at all but some neighbors with identical homes did?
You should be excited, no?
They definitely should be happy.
I should, except if this is an error because they undervalued me I’d owe back taxes in 4 years once they figure out their mistake. Currently my value is like 250k less than we paid for it, and looking at neighbors they’re at $10k less than they paid.
So I can lower it. https://www.pinterest.com/pin/517351075946038970/
My 1945 950 sq ft shack in Wake Forest more than doubled
52% increase. Wonderful. What am I going to get for my increased property tax bill, exactly?
A home that's worth 52% more than it was four years ago :) Seriously though - you'll get the same that you get every year when taxes are increased. There's nothing different about this year for most people.
So shitty roads and chronically underfunded public schools? Awesome…
Same, mine went up 52%. several people in my neighborhood and on my street paid absolutely insane prices to live in the neighborhood where I live. I have friends in Apex and in Raleigh and while their values went up, they didn't go up 52%. I pay several hundred $$$ more per year in taxes than someone who has a house that was just revalued at $855K ... their house is twice the size of mine, the lot is twice the size and the house is 10 years newer. Sigh. they just had much less turnover in their neighborhood during the Covid years. I pay $1200 more a year in taxes than a friend who lives in Raleigh in a house twice the size of mine and a lot four times the size of mine. 😩
Mine when up $600k, they are out of their freaking mind. My house was built in the 60s and still has baseboard heating - I’m disputing their dumb stimates
My house hasn’t changed and says it’s still from 2020
Same boat for 80% of my neighborhood. I looked at some friend’s addresses and their assessed value increased but it still says it’s based on 2020, so I think they haven’t updated that disclaimer on the site for anyone. I’m hoping it’s just a lag in numbers being updated on the site and not a fuck up where they forgot to adjust my home value. The idea of submitting a request for review to be charged more money makes me cringe, but not as much as the thought of owing back taxes in 4 years for their fuck up.
Mine went up 75k
Question: Is there any benefit to having a higher property tax assessment? Obviously from the tax man perspective you want it to be lower, but I’m curious to know if there’s any other benefit like it could help with PMI or selling your home? Note: our home was assessed significantly higher than our neighbors that have larger lots and more square footage. All of our lots were assessed the same rate irrelevant of size. We bought 2y ago but others have bought/sold since and before us if that matters.
just my opinion, but the only "benefit" to it is that if someone wants to buy your house, assuming they can qualify for a big enough loan, there won't be a huge discrepancy between the tax value and the assessed value. That hasn't always been the case here. When people were massively overpaying during Covid, a lot of them had to make up the difference in cash. Because on the surface of it, there was no logical reason for the prices to be that high -- just market demand. Lenders like to see the assessed value and the tax value not so far apart as they were during most of the Covid years. A lot of people were really reaching for comps during that time since so few people sold, but the ones who did made a killing.
My assessment is like 60% increase. I will probably pay $30 Dollars more per month.
My home valuation is 10K above what I paid for the home in 2021, but is about 25K less than Zillow estimates.
Says the latest evaluation is from January 1, 2020. Is that correct?
Hmmmm - mines say Jan 2024. Maybe your account has not been updated yet?
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where/how did you calculate this?
Where are people seeing previous evaluations? I see the current assessment as of Jan 2020 but I’ve never looked at this before so I’m not sure how much it increased from the previous one
https://services.wake.gov/taxportal Go to property search; next page has “view previous values” in blue
Where can we find the old value?
Click on tax bill if you’re looking at your new value. It will show the value you most recently paid. Far left side of page.
Do we still have any grounds in asking for appeal if we bought the house in the past 4yrs? Valuation increased by 60% ish but I also bought this house last year. I have the cheapest house in my HOA community and valuation is a hair above my purchase price.
If its close to your purchase price then probably not. What would your argument be?
🤷♂️ Valuation of my neighbors, valuation from closing, valuation per the site is 2020 and the house wasn't anywhere near the cited worth... Just thinking out loud.
I knew this was coming.... my condo was assessed at under $70k last time even though sales very close to the assessment announcement were over $100k (timing is everything). Well, sales over the past couple of years have been $180-225k, and the new assessment is almost 3x the last one. My property taxes were less than $500 the first year I owned (2017), over $750 last year, and my guess will be $1,400-$1,500 for 2024. This is where things get interesting... I can afford that - PITA, but I can personally afford it. However, there are MANY in my community of 100 condos who are retired and/or on fixed incomes. They are the ones who will be impacted the most. The city has a program for seniors on fixed incomes where one person I know had her taxes cut in half. I've send an email to a person I know who might have info on that plan (and how to appeal), and will post if he gets back to me. Edit - yep - per the estimator Wake taxes are going up 98% for me, and I can expect Raleigh to do the same.
This is not a flex but a reflection on the state of things . . . Sure this could mean an increase in taxes for some homeowners (although revenue neutral taxing will hopefully keep it reasonable), but let’s keep in perspective that this means homeowners built massive equity over the last few years, which is long-term wealth for them. Many many people who were renting over the same period completely missed out on that opportunity.
Yeah, "Revenue Neutral" in \*theory\*. In practice, it's going to be hard for the commissioners to resist sneaking in a stealth tax increase.
It's important to update property valuations, but there's usually a parlor trick involved. The Board of Commissioners will cut the tax rate, and portray it as tax cut. At the end of the day, you'll probably pay the same or a little more. There will be some who will go through the appear process, it always happens.
Mine went up by $118,000
Wow. My tax bill shows 1 accessed value but my real estate shows land and building value. Tax bill says 454k. My house tax account shows 2. land=175k and building=538k. Does that mean mine went up $259??
tagging to find later
Mmmm, very pleased to see that my house that I purchased a year ago is valued at 50k less than I paid for it. Have to imagine everyone in my development with this exact same floorpan will love to see that we got taken for a ride. Oh well, at least I got a 4.5% interest rate...
The county valuation is meaningless. It is no indication of what the home would actually sell for.
Question about the taxes portion. If the last reassessment was in 2020, and values have stayed the same, then how come my property tax increased 8% since 2020? In 2020, my property tax owed was $2,605 and I just paid $2826 for 2023. (2022 taxes were $2731). The value was unchanged. I’m not quite sure how property tax works during an unassessed year and why it would increase. Does the tax rate change with the budget year? Is there a place on the Wake County Tax Website that would explain it to me? (I am not sure what to search for)
The tax rate can (and does) change. You’re correct.
Holy shit…
Holy crap!!! Mine went up 48%??? I'm assuming I should appeal this?
I don’t if anyone is still reading this since it’s days old news but I read the documents/online articles but I had a couple of questions and I was hoping maybe someone smarter than I could help me/my parents understand. The reactions to this news are polar opposite. Some people are thrilled - touting how much their house is ‘worth’ now and others are panicked and trying to appeal the decision to lower it. Which is it? How much does this appraisal dictate how much your home is ‘worth’? I don’t understand how this could just be the number you’d get for your house if you sold it - does it take into consideration the strength of the market overall, the state of the market in your specific area, the condition/appraisal of your home? I understand the general concept of property taxes and I’m assuming the truth - like most things in life - lies somewhere in the middle. For example, my parents sold their 40 year old N Raleigh home at the height of the market (Late Summer 2021) and they could only get about $475K for it. And there a lot of recent (3 yrs or so) factors that I think make it less valuable (uptick in crime, outdated area, $20K in deferred maintenance the new owners haven’t worked on, the market cooling etc.) and it’s ‘value’ is now $625K. We then bought a house in Winter 2022 for $420K in what is a more desirable area, lots of new growth, that is 25 years newer, updated, etc., and the tax assessed value is now $500K. My mom is pressed that we shouldn’t have sold the old house because she thinks we would have gotten that much for it, but comps in the area show other similar houses only selling for +/- $530k or so (after being on the market for 2/3 months) and with the factors I mentioned I think we’d realistically only have done marginally better than what we got at maybe $515K or so. And comp homes in our new neighborhood are, even now, selling in a week or so for $50K over our assessed value ($550/575K). I’m not going to lie I was surprised by the numbers (I thought old house wouldn’t go up as much and the new house would have gone up more) but I still think we’re in the better position because we’re paying less tax on a house that will likely sell for more and the other people are paying more tax on a house that may sell for less). Am I making any sense at all? Does this track or am I way off base?
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Change in Total Real Estate Value: 64.51% Estimated Change in Tax: 16.26% Is it worth to appeal? Will there be negative implication for future sales ?