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Back Jan 2014, bought a re-sale (2006 built) home in Morrisville. We are first time home owners.
I see that the value wake county puts on my home is about 35K more than what the appraised value was. (Appraisal was done Dec 2013 for the loan)
Can I do something to appeal this? If it's too late or pointless pursuit, let me know
Yes, you can appeal but a successful outcome is not guaranteed. You have a window to appeal. If you can show that your property value in 2008 is lower than the tax value, WC will reduce your tax bill. For every $100 reduction in tax value, you will save about $1 in property tax.
If you were to look at the process by which county tax value is determined, it follows very clear formulas based on specific criteria that exclude aesthetics, but include more nebulous criteria such as condition and location. Some homes in high growth areas are given big value bumps on land value based on what is happening on neighboring land. All of the criteria are public knowledge and online if you want to take a look. I think tax appraisers are fairly consistent in their assessments. We are all waiting to see what the changes will be two years from now.
If there is an error in the records, the OP can ask to have that corrected.
Inaccurate square footage is most common.
If the appraiser's measurements are less than the county SF records, OP may be able to get a reduction in SF on the tax rolls, and a reduction in assessed valuation.
The 2008 Wake County appraisals were completed right before the market crashed. Tough luck for all. My sf was based on pre-construction plans, so taxes were less than what should have been anyway. Then we completed the attic, and through permit and inspection, our sf was corrected and elevated. And so were our taxes, even though the market value was lowered. They applied 2008 measures.
I agree with the poster who pointed out that the difference monthly is not all that significant. The term "let sleeping dogs lie" also comes to mind.
What about new construction assessments? Last year I contacted the assessor's office because our home was assessed the highest on our newly constructed street. Higher than the homes with pools, outdoor kitchens, etc. Higher than the EXACT same house across the street. Square footage is roughly the same on all the homes, as are finishes, etc. The only explanation they could provide is we have a small bump out in our garage (roughly 4x8) where my husband keeps his tools, etc. (but so does the house across the street - the only difference is we back up to the woods and they don't). I cannot believe they told me that was probably the reason over a home with a pool! Does a wooded lot warrant more taxes?
What about new construction assessments? Last year I contacted the assessor's office because our home was assessed the highest on our newly constructed street. Higher than the homes with pools, outdoor kitchens, etc. Higher than the EXACT same house across the street. Square footage is roughly the same on all the homes, as are finishes, etc. The only explanation they could provide is we have a small bump out in our garage (roughly 4x8) where my husband keeps his tools, etc. (but so does the house across the street - the only difference is we back up to the woods and they don't). I cannot believe they told me that was probably the reason over a home with a pool! Does a wooded lot warrant more taxes?
The tax guys don't care much about pools. They care about finished square feet and level of finish, generally speaking.
A pool in this area is not necessarily a "positive."
A finished basement will be, though. To the tax man, anyway.
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What about new construction assessments? Last year I contacted the assessor's office because our home was assessed the highest on our newly constructed street. Higher than the homes with pools, outdoor kitchens, etc. Higher than the EXACT same house across the street. Square footage is roughly the same on all the homes, as are finishes, etc. The only explanation they could provide is we have a small bump out in our garage (roughly 4x8) where my husband keeps his tools, etc. (but so does the house across the street - the only difference is we back up to the woods and they don't). I cannot believe they told me that was probably the reason over a home with a pool! Does a wooded lot warrant more taxes?
Pools don't count for much. Mine added about 5K to the tax value of the home. They also don't take into consideration the quality of the pool, an expensive custom gunite pool can add the same value as a cheap liner pool. Your property size will make a much larger impact on the final bill.
I bought a home because:
A) I loved the home and it fit my (family) needs.
B) I got it at an awesome price based on previously comparable sold homes, renovated it an sold it for a huge profit.
C) I bought it at a great priced based on previously comparable sold homes, renovated it and rented it to generate income.
Mom always said, " Think ahead. No matter if you buy a home and own it for one year or for 20 years there will always come a time when you'll have to sell it, so get a good one."
Just another comment. We should not confuse "appraisal" with "assessment". The appraisal is related to the dollar amount that the bank/investor is willing to lend on the purchase of the property at a certain point in time. The assessment is the basis on which the county/city raises certain taxes in order to satisfy budgetary needs. Assessors do not even need to see the property, nor are they necessarily licensed appraisers.
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