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What do 2024 Wake County Tax Assessments Mean? A look at Four Homes

The 2024 Wake County Property Tax Revaluations came out this month, and I am speaking to people whose taxable values have increased by 30-80%.

The new valuation does not mean your property taxes will increase by 30-80%.

The last time the Wake County reassessed homes, in 2020, tax RATES decreased by 16% to offset taxable value increases; some properties even noticed lower tax bills. A substantially lower tax rate will be out in spring.

Even with lower tax rates, your taxes will probably increase 5-10% this year, so plan ahead. If you have an escrow account with your mortgage, your payment will go up next year to account for new taxes and repay your escrow shortage for this year due to higher taxes. Plan on making extra payments now if a significant payment increase is problematic.

I would encourage any property owner who experienced a significant increase in research values. Look at your "Zestimate" on Zillow (it's not a great source of information or assistance, but it's a place to start). If your new rate exceeds the current value, file a review and appeal immediately.

I recently looked at four properties for clients; two were fair and accurate, one was very high (we are seeking a reduction of $145,000), and another was high (we appealed for a $60,000 reduction). If you have questions or would like a value, reach out and let me know. I am happy to assist.

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