Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
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?
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.
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....
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.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.