Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
If I'm recalling correctly, the tax rate increase is generally nominal. In twelve years my property taxes never really jumped dramatically (went from around $1,850 in 2007 to $2,800 in 2019).
Any reason to be concerned this won't be true again this year?
Quote:
Originally Posted by hey_guy
Pony up folks, everybody still feeling good about passing those bonds?
I can't speak for everyone but I'm still feeling good. It would be naive to assume this wouldn't have happened were it not for the bonds, because this is a normal part of a healthy process.
The house down the street from me that sold 4 months ago is now assessed $43,000 more than what they paid for it. The house had several price reductions before it sold, so not sure how the county came up with the new assessments.
The house down the street from me that sold 4 months ago is now assessed $43,000 more than what they paid for it. The house had several price reductions before it sold, so not sure how the county came up with the new assessments.
Similar. Our neighbor's house is assessed for $47K less than they bought it for last fall.
If I'm recalling correctly, the tax rate increase is generally nominal. In twelve years my property taxes never really jumped dramatically (went from around $1,850 in 2007 to $2,800 in 2019).
Any reason to be concerned this won't be true again this year?
Typically, the tax rate is decreased, often to whats called a "revenue neutral" rate, which would mean that if your assessment increased the same percentage as the average overall assessment, your tax bill would remain the same.
Quote:
Originally Posted by NYC2RDU
I can't speak for everyone but I'm still feeling good. It would be naive to assume this wouldn't have happened were it not for the bonds, because this is a normal part of a healthy process.
Their is no connection between a bond issuance and the assessment process.
If I'm recalling correctly, the tax rate increase is generally nominal. In twelve years my property taxes never really jumped dramatically (went from around $1,850 in 2007 to $2,800 in 2019).
Any reason to be concerned this won't be true again this year?
I can't speak for everyone but I'm still feeling good. It would be naive to assume this wouldn't have happened were it not for the bonds, because this is a normal part of a healthy process.
Some would call a 51% increase over 12 years almost dramatic. Would be of value if someone can figure out how much of that was caused by bond issuances.
As to whether the tax rates will drop by 20% to be revenue neutral ... I do know the Raleigh City Council has great aspirations, and don't think they'll only be seeking a housing bond.
This all seems like such a subjective bunch of BS. The value of my property decreased significantly. On the real estate market value and what I can sell for this really sucks. On the property tax side of things, if it works that way it's supposed to I should see a very healthy decrease there.
How is this done? What is it based on? Why would a home's value decrease by 15% + when the average in the county is said to be increasing by 20%?
This all seems like such a subjective bunch of BS. The value of my property decreased significantly. On the real estate market value and what I can sell for this really sucks. On the property tax side of things, if it works that way it's supposed to I should see a very healthy decrease there.
How is this done? What is it based on? Why would a home's value decrease by 15% + when the average in the county is said to be increasing by 20%?
Accept the lower assessment. You will pay lower taxes and no one but a fool will care about assessment vs. market value if you desire to sell.
This is done by AVM, by an algorithm used legitimately, that considers nearby sales and guesses at a market value for your property as of 1/1/2020.
If it really bothers you, contact Wake County and tell them they are low, that you should be 20% higher. They will be motivated by revenue and will change it in a flash.
I suggest you not do that...
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
