Wake county Property tax value Vs Appraisal value of home (Raleigh: real estate, 2013)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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In the wake county website, our house is valued about 50k more than our actual price we bought and recent appraisal! If i can sell my house for the appraised value, why should I pay taxes for $50k more ? If we contact the wake county will they change the value of my property so my property taxes will be reduced ? Will they also look back for 3-4 years and pay back the more tax they collected ?
Assessed values are only updated every 8 years, and were last done in 2008 at the peak of the market. Many (most?) people will see higher assessed values than their actual purchase/appraisal prices.
Actual assessed value doesn't really matter much...it's how that number relates to everybody else's property that's key. They could slice everybody's assessed value in half if they wanted, but they'd have to double the tax rate to be able to pull in enough revenue, so it would all be a wash. So unless you're out of line with comparable homes, it sounds like a totally normal situation.
What SFS said.
You may be able to have an error corrected, whether square footage or wrong level or if an unfinished area is incorrectly labeled as finished.
But, from what I routinely see, the County errors in SF favor the homeowner, and any correction would be an increase, resulting in increased tax bills.
I have determined that I will appeal my tax assessment in 2016, just as I did in 2008. I got my assessment reduced by about 8%, which sounds better until you recognize that it was about 12% high.
Wake County assessed real estate values reflect the market value as of January 1, 2008. Any inflation, deflation or other economic changes occurring after this date do not affect the county's assessed value of the property and cannot be lawfully considered when reviewing the value for adjustment. The January 1, 2008 assessed values remain in effect until the next county-wide revaluation, which is currently performed every eight years.
Property owners can appeal county assessed real estate values beginning January 1 each year. The deadline for appealing a value is the day the Board of Equalization and Review adjourns, which is usually the first part of April. The only appeal request that can be accepted after the Board adjourns is from a property owner whose county assessed real estate value was changed and notification of the change was not issued until after the Board adjournment date. The appeal deadline for this status is December 31.
The first step in appealing is to determine if you are eligible for an informal review. (If you are not eligible, follow the next step below to formally appeal to the Board of Equalization and Review.) Eligibility for an informal review requires that the county's assessed value of your property has changed since the prior year billing and this is your first notice of the new value. If you are a new owner, eligibility for a review would still require that the county's assessed value has changed since the previous year's billed value. This initial reassessment is performed by a county real estate appraiser who will thoroughly review and consider your appeal. Adjustments to value will be based on a reanalysis of the property. Once you are notified of the results of the review, you have the option of accepting the recommendation or appealing further. An informal review may be initiated by calling our office at 919-856-5400 or by sending your request in writing to:
Wake County Revenue Department
Attention: Real Estate Appeal
PO Box 2331
Raleigh NC 27602
My home is also appraised high (new construction). In fact, my home is appraised higher than my neighbor who has an outdoor kitchen and pool. Crazy. We pay the most taxes on our street which doesn't seem right since there are other homes with pools, additions, etc. I contacted the Assessor's office and I spoke with the appraiser who actually came to my home and did the valuation. It seems that because I have an extra small area (5ft) in the back of my garage they consider that an "upgrade". Doesn't make sense but we will be given the opportunity to appeal in January. They will not do any adjustments outside of the appeal period and I doubt they will reimburse taxes already paid.
It seems Wake never underestimates the value but always is over.
If they always overestimate, then all is well, as everyone's property is then assess proportionately with one another. The problem comes in when they don't consistently over or underestimate.
all the homes in our new construction neighborhood are consistently being assessed about 50k-60k higher than the sold price. the Wake county appraiser is just going in and tacking on an additional 50k-60k to the sold price and so everyone is paying higher than they should. they're driving up the assessed value of the comparables. this is FRAUD. Wake County should be sued for this. this is outrageous especially since we're already paying higher property taxes than most of the country and not making as much. we should ALL APPEAL!
all the homes in our new construction neighborhood are consistently being assessed about 50k-60k higher than the sold price. the Wake county appraiser is just going in and tacking on an additional 50k-60k to the sold price and so everyone is paying higher than they should. they're driving up the assessed value of the comparables. this is FRAUD. Wake County should be sued for this. this is outrageous especially since we're already paying higher property taxes than most of the country and not making as much. we should ALL APPEAL!
What subdivision? Care to provide some links to 'prove' this assertion? (I'm skeptical because our experience with new construction in 2013-14 was exactly the opposite. Hell, I wasn't even that unhappy with the increase in 2016.)
all the homes in our new construction neighborhood are consistently being assessed about 50k-60k higher than the sold price. the Wake county appraiser is just going in and tacking on an additional 50k-60k to the sold price and so everyone is paying higher than they should. they're driving up the assessed value of the comparables. this is FRAUD. Wake County should be sued for this. this is outrageous especially since we're already paying higher property taxes than most of the country and not making as much. we should ALL APPEAL!
Not sure if troll, but as already mentioned, the assessment of your house is really an arbitrary number which is just used as a comparison to other houses. Assessment does not equal appraisal. It has nothing to do with what the house sold for or could sell for.
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