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Old 01-28-2013, 06:30 AM
 
4 posts, read 5,688 times
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Hi everyone - love the community and thank you in advance for any advice you can provide.

I'm thinking about buying an older home in Wake Forest whose owner put in MASSIVE upgrades after the 2008 county-wide property value reassessment. It was assessed @ $180k in 2008 and it's probably worth double that now.

Will the Wake County reassess this property mid-cycle (before 2016), effectively doubling the property taxes for this home? Or will it stay as-is until they do an entire, county-wide reassessment?

Thanks!
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Old 01-28-2013, 06:50 AM
 
Location: Cary, NC
31,591 posts, read 55,295,005 times
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Quote:
Originally Posted by grommet View Post
Hi everyone - love the community and thank you in advance for any advice you can provide.

I'm thinking about buying an older home in Wake Forest whose owner put in MASSIVE upgrades after the 2008 county-wide property value reassessment. It was assessed @ $180k in 2008 and it's probably worth double that now.

Will the Wake County reassess this property mid-cycle (before 2016), effectively doubling the property taxes for this home? Or will it stay as-is until they do an entire, county-wide reassessment?

Thanks!
If the owner pulled proper permits, Wake County will probably catch on and reassess.
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Old 01-28-2013, 07:03 AM
 
4 posts, read 5,688 times
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Default Thanks!

Thanks Mike! I'm going to call Wake County and see where they stand on that and will report back to this thread on what they say.

P.S. - please ignore my x-post on your blog. ;-)
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Old 01-28-2013, 07:04 AM
 
Location: Oxxford Hunt, Cary NC
4,188 posts, read 9,810,360 times
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It took them a little while, but I did get my assessment raised a bit when my screen porch was added (with proper permits).
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Old 01-28-2013, 07:14 AM
 
Location: River's Edge Inn, Todd NC
1,346 posts, read 1,675,904 times
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Quote:
Originally Posted by grommet View Post
Thanks Mike! I'm going to call Wake County and see where they stand on that and will report back to this thread on what they say.

P.S. - please ignore my x-post on your blog. ;-)

The less you bring it to their attention the better.
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Old 01-28-2013, 07:17 AM
 
Location: Cary, NC
31,591 posts, read 55,295,005 times
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Quote:
Originally Posted by ucctgg View Post
The less you bring it to their attention the better.
A few years ago I showed a home with an apparent unpermitted bonus room finish. Listing agent was quite mumble-mouth about it, so I called the county to see if it was included.

Whoops. Listing agent called me back 48 hours later and told me the assessors had been over to the house a day earlier interrogating the owner....
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Old 01-28-2013, 08:09 AM
 
Location: under the beautiful Carolina blue
15,720 posts, read 23,949,403 times
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It will come up on appraisal anyway, so just get it over with and get the permits.
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Old 01-28-2013, 08:17 AM
 
Location: Raleigh, NC
11,791 posts, read 27,436,549 times
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Are y'all finding that Wake County re-assesses after the home is sold? I have never seen that happen.

Vicki
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Old 01-28-2013, 12:18 PM
 
Location: Wake Forest, NC
835 posts, read 3,527,258 times
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I think the real question is what upgrades? Adding structural improvements or heated square footage like finishing bonus room, adding decking with or without screen porch etc will require permits and an increase in value. Not so sure about gutting kitchen and bathrooms and replacing with high end cabinetry, granite, high end plumbing and lighting fixtures and commercial appliances. Replacing/ upgrading exisitng flooring or converting a family room into a high end home theater I wouldn't think would trigger a mid cycle re-evaluation but maybe someone else would know better. I would classify most of these as cosmetic changes that happen everyday in homes around the triangle.
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Old 01-28-2013, 01:05 PM
 
170 posts, read 300,529 times
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i thought wake reassesses every 8 years.
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