Wake County has completed the 2016 countywide tax value reappraisal. State law requires counties to conduct a general reappraisal of real property at least once every eight years. Wake County last conducted a general reappraisal in 2008.
Results of the reappraisal project will be presented to the Wake County Board of Commissioners at their regular meeting today at 2 p.m. Also today, notices of new appraised value will be mailed to all Wake County real property owners, and the 2016 appraised values will be viewable on wakegov.com.
Although the notices will reflect the new appraised value of each specified property, the county will be unable to provide property owners with information regarding how much reappraisal will affect the taxes due for that property until after the Fiscal Year 2017 tax rates are set. Property tax bills will be mailed in July 2016 and calculated using the new appraised value and the tax rates in place at that time.
Across the county, the total real property value increased by 5 percent as a result of the reappraisal, with total residential property value not changing significantly and commercial property value increasing by 19 percent overall. The increase in commercial property value was largely driven by apartment values, hotel/motel values and commercial land values.
Appraisal notices will include 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.
The brochure will also provide information about current tax relief options allowed by state law. 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 more information on Wake County Tax Relief Programs, visit www.wakegov.com/tax/relief/Pages/default.aspx or call 919-856-5400.
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