What is revaluation?
Revaluation is the process that makes sure each property’s assessed value reflects its fair market value, or the most probable price a property would bring at sale in a competitive and open market.
Why does the County do a revaluation?
Revaluation is required by law. North Carolina mandates that counties assess property at market value to ensure fairness in property taxation. Without periodic revaluations, some property owners would pay more than their fair share, while others would pay less.
How often does the County conduct a revaluation?
In North Carolina, counties must conduct a revaluation at least once every eight years. On March 17, 2025, the С»ÆѼÊÓƵ County Board of Commissioners voted to phase in implementation of a two-year revaluation cycle. The next countywide revaluation will be effective January 1, 2027, and subsequent revaluations will be performed on a two-year cycle. The first revaluation on a two-year cycle will be effective January 1, 2029.
Why is the County doing more frequent revaluations?
Property values have surged. Between 2020 and 2024, С»ÆѼÊÓƵ County’s real estate market saw a record 51% increase – 53% for residential, 45% for commercial. Neighboring counties, including Johnston, Durham and Orange, are also seeing significant increases in their upcoming 2025 revaluations.
Why are more frequent revaluations a better approach?
Breaking up the value changes into smaller increments will reduce the sticker shock associated with longer periods between revaluations. More frequent revaluations align assessed values closer to market value and mitigate significant adjustments every four years.
Why is the County phasing in the change in the revaluation cycle?
The County is providing a gradual transition for stability. It will help property revaluations become more routine for property owners while ensuring a fairer system.
What is the benefit of more frequent revaluations?
More frequent revaluations allow growth in the tax base to be realized sooner and promote fairness in property value assessments. They ensure that new construction and renovations are valued closer to their actual market worth, preventing older properties and long-time residents from shouldering an unfair tax burden.
Do other counties conduct more frequent revaluations?
Most counties in Florida, Texas and Virginia assess annually. The fastest-growing counties in the United States, outside of North Carolina, also revalue property annually. By implementing a more frequent revaluation cycle, С»ÆѼÊÓƵ County will align with its national peers.
When are more frequent revaluations being implemented?
County appraisers are beginning the revaluation process. There are multiple steps in a revaluation and work will occur throughout 2025 and 2026. Taxpayers will receive their new notice of value in January 2027.
Who can I contact if I have more questions?
Please email revaluation@wake.gov or call 919-857-3800.