Wake County property tax assessments are starting to arrive, and I received the first two of six today. While the 40% increase in value over the last four years is reflected in the assessments, my initial response of "taxes are going up 40% that is crazy!" was just that - crazy.
Taxes will increase, but there are many factors to consider when making budgets, such as the revenue generated by new homes and commercial spaces. It's important to keep Wake County and its cities and towns operating at the high level they do.
The good news is that the significant increase in valuation won't necessarily lead to a huge increase in taxes. If the tax rate is lowered by 30% to account for the new valuations, this will be a great metric for businesses and individuals looking to relocate, driving even more demand.
So best to sit tight and see where this goes.
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