Tax Assessments on New Construction Wake Co (sales, mortgage)

[PDXmom]

Our family is thinking of moving back to NC. If we buy a new home or build a home and the homes sales for 300K is that considered the real market value by the county? / Would my taxes be assessed at a home valued at 300K? Also if I buy a house previously built and lived in for the same price and the previous RMV was say 250K would my taxes be assessed off of the 250K or 300K sales price?

Thanks for the help. Taxes are huge part of the affordablity equation where I currently live.

[leighbhe]

Based on recent experience in wake county the answer is, it depends! In the majority of the situations, you are assessed when you move in based on the amount of the land. For example, my sister just closed on a house in wake county (in june) and their house was 375k, but the tax records showed 59k for the land when they bought the house. So, for this year, their assessment was based on the land. Now, their house was reassessed after the deed was recorded, and for the next tax year it is for 293k. Normally, taxes are assessed every 8 years, but can have a one time vertical assessment every 4. although in certain areas of the county houses are assessed close to their 'sales price" but it doesn't tend to happen with new construction.

Now, if you close on your house, and you have escrow, they will estimate the taxes you are going to owe on the house and add that (plus pad it so that they have a cushion) to the mortgage payment.

hope this helps.
Leigh