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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!
on topic ... if you're concerned whether your taxes will be $1,800 or $3,000 a year (for about 4 years), then you should rethink your budget.
because no, they don't reval for tac purposes just because a resale sells. When a new home changes from dirt to finished product? Yes. After permits which change the square footage or other items structurally - yes.
Recently spent a considerable amount on a home renovation/addition project. Properly permitted with inspections along the way. We added about 1,600sf of living space, extended the garage out, new deck, new sun room, finished the 3rd floor attic, etc... The permit was filed in March of last year, final certificate of occupancy at the end of October. We expect to get a reassessment, but nothing has been done yet. I'm not raising awareness as whatever the value is at the beginning of the year is what your bill is for the whole year.
To the O/P... interim tax reassessments will most likely only be based on improvements/changes done with a building permit. Land-use permits for things like patios most likely will also trigger a reassessment.
on topic ... if you're concerned whether your taxes will be $1,800 or $3,000 a year (for about 4 years), then you should rethink your budget.
Good point. In this case, I was thinking about buying this as a rental investment property. Doubling the property taxes would substantially eat into the cash flow.
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