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Municipalities?
"Apex, Cary, Morrisville and Holly Springs are the only towns where the majority of properties saw their values rise, Kinrade said."
"Values remained stagnant in Fuquay-Varina and other parts of Raleigh, while they fell between 2 and 6 percent in Eastern Wake towns such as Garner, Knightdale and Zebulon. They also fell 5 percent in Wake Forest, where new construction is keeping resale prices low, Anfindsen said."
Will the tax burden shift over to the commercial sector? To the extent that it will hurt businesses?
The way I understand it, once it is decided how much money the county needs for the budget, all the values are added together with a little hokus pokus, divided into the budget number, and the new rate is established. Then each property valuation is multiplied by that rate. (Yes, that would be the simple way). So if the country budget goes up, but there are lots of new taxpayers, our amounts could theoretically stay the same. Wouldn't that be nice....
In 2008, because of revaluation, Wake County cut its tax rate to 53.4 cents from 67.8 cents. I'm sure some people saw their tax bills stay the same, or even drop.
Rates will always go up a little due to inflation. Also, to get this right, one would need to think about Wake county and town/city taxes separately. The county might keep your taxes low while your town portion might go up. Or vice versa. Luckily I am in the county where the rates are the lowest (as are the services). That is why the towns and cities are always eager to swallow us up if we ask them to.
In 2008, because of revaluation, Wake County cut its tax rate to 53.4 cents from 67.8 cents. I'm sure some people saw their tax bills stay the same, or even drop.
Yes, ours dropped in 2008.
luv4horses' post really conflates two different circumstances...the revaluations that occur every eight years and the annual tax rate changes that occur without revaluation.
But taking the "iif the [county] budget goes up, but there are lots of new taxpayers, our amounts could theoretically stay the same" statement on its own, 2014 is the last year that happened in Wake. The tax rate remained flat at .534% but the budget grew.
Based on having gone through this revaluation cycle a few times, I think it's fair to presume that if your property valuation change is aligned with the overall county valuation change (in this case pretty close to zero), you can probably expect that the new valuations alone won't change your tax bill. If your valuation increased this year, I would expect an increase in your taxes. If your valuation decreased, it's pretty safe to assume that your taxes will drop accordingly.
With the new residential valuations being flat since the last valuation, I would be surprised if the tax rates adjusted much at all because of the new values.
It's important to remember that the 2007 valuations were done at the top of the local RE market and during a year that saw the Triangle come to the RE boom party very late and just as formerly red hot markets were deflating. In fact, it was because of those other formerly red hot markets deflating that many prognosticators were saying to invest in more stable places like Raleigh. Well, that was short lived given the financial crisis of 2008. So, to make a long story short, many properties were overvalued. Of course, it's all relative because the millage was adjusted following that valuation. So, even if you didn't appeal your valuation, I doubt that many were soaked because of the inflated valuation. All this new valuation is saying is that, since 2007, the overall real market values have finally caught up to the inflated values of 8 years ago. Of course, the market is made up of winners and losers with some properties having gone wildly up while other having stagnated or declined in value.
Personally, my property is a downtown condo. In the last valuation, dt condos were all the rage and the valuation then reflected that trend. Since 2007 it never really had the value on the market that the county said it had. I know this because I know what condos have sold for in my particular line over time. This time around, the tax value is very believable (it went down 20K) and I expect that my taxes will as well.
Ours is up 7% in Holly Springs, outside of town limits. We just bought the house and had it appraised in June. It makes sense that the new assessed value is within a few thousand of what the appraisal was. Pretty much everyone in our neighborhood saw an increase, I believe this is primarily due to most of the lots being > .50 of an acre. Our house is on .97 of an acre, so it was the land that triggered the increases.
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