2016 Wake County Reappraisal Results
The 2016 Wake County reappraisal results are in and now posted online. Homeowners should be receiving in the mail this week the results for their property. Wake County reappraises properties every 8 years to reestablish tax equity and fairness between properties.
Overall, residential properties tax values remained flat with no increase as compared to the last valuation completed for 2008. Commercial properties in Wake County saw a 19% increase. Residential and commercial properties combines account for a 5% increase across the county.
A Closer Look at Wake Forest tax values…..
Closer to home in Wake Forest, residential tax values decreased 5% while commercial values increase 16%. In Wake Forest our overall property values decreased 1% for commercial and residential combined.
Does this mean we will pay less in taxes next year? Maybe…..we will have to wait and see where the fiscal year 2017 tax rate is set, which should be completed by June of 2016.
To find your own property tax record and find where to appeal your appraised value if needed, you can visit the Wake County Revenue Portal. You can also appeal your appraised value if you need to there.
Tax Value vs Market Value
Wondering if your appraised value is what you can expect if you sold your home? The best way to know is to view recent comparable sales in your neighborhood. You can check recent sales data on Wake County’s website for a quick idea on your value, but many factors need to be considered depending on your particular location and situation. If you are in a position that you are looking to sell your home then it would be a good idea to involve a local realtor to help you determine what you can sell for and help you through that process (of course we know someone that can help 🙂 contact us here).
A quick review of a few homes in Wake Forest is showing that you can expect your home to sell above tax value for the most part in Wake Forest now based on the new tax values. Before the 5% decrease in appraised tax values that just happened in Wake Forest, we were seeing homes sell below tax value for the majority of homes. Again, this is for the majority of homes in Wake Forest but will not apply to every situation.
The real estate market in Wake Forest remains strong and our future outlook on values for homeowners should continue to increase over the long run for our area. It is still a great time to sell and people are still buying, so if you are considering selling your home, please consider giving us a call or email to help.