If you are wondering how you can contest your new Wake County tax value here are some tips:
First go to the Wake County webite, www.wakegov.com. Click on Tax, Property & Maps. Print your entire tax report and look for errors. I find errors on every Wake County property report. Keep in mind that the Wake County tax assessor does not come out and physically enter homes. They do not measure every home. I would be shocked if they even drove down the street where your home is located. Trust me; there are errors on your tax record. But be careful so you do not report the errors unless they help you. If they say your square feet is 2,000 and you know you have 2,500 your taxes will go up higher if your report that type of error. The square footage on the tax records are wrong 95% of the time. If your home is smaller than the posted square feet, your tax value will come down. Look for bathroom count. If they have you listed with more bathrooms than you actually have, this will be another adjustment.
Next look at the most recent sold properties in your area. All sold properties can be found on the same web site mentioned above. Click on real estate data to see the value of homes sold around yours. Keep in mind their square feet will not be right either but, if the tax office report shows a home similar in size to yours that sold recently and at a price lower than your new tax value, you have a strong case to get your value reduced.
Last, if you have a recent appraisal of your home that shows a lower value you can also use this. If you refinanced, got an equity line or purchased your home in the past couple of years that appraisal will have a lot of merit for your battle. If you did not get a copy of your appraisal call the lending institute you worked with. They should be able to get you a copy. After all you paid for it so you are entitled to have a copy.
These are all tried and true tips that have worked in the past. I hope they will work for you too. Remember you only have 30 days to appeal so do not procrastinate or you will be stuck with the new tax value for the next 7 years.
The last idea I have (but I do not know if it will work) is to try to talk Wake County tax office down by using Wake County appreciation rates. We know that the past 7 years Wake County as a whole has averaged approximately 4.% appreciation. Some areas have been higher and the tax office will know how will your Township has preformed. Your Township is listed on your tax record. Different Townships have different appreciation rates so if you are going to pull out that card make sure you have the answer. Please email me for a township appreciation rate chart.
I hope this helps you fight the good fight.
Shocking New Raleigh Real Estate Tax Re-Evaluation!
No doubt about it, the recent hot news in Raleigh real estate has focused on the new Wake County property tax valuation. Are you wondering if your home could really be worth the tax value the Wake County Tax Office has assigned to your property? If so, you are not alone. My phone has been ringing off the hook and my email box is jammed with messages from people who can’t believe the new tax value Wake County has assigned to their property. If you have questions too, click or call me. I would be happy to help you.
Meanwhile Here is What I Know
I have been selling real estate in Raleigh for many years and I have experienced this phenomenon three times in my career as a Raleigh real estate agent. Every 7 years the Wake County Tax Office re-assess all property tax values. On the 8th year the tax values change. Many other areas change tax values each time a home is sold. The system adopted by the Wake County Tax Office is not in-line with true market values. Here is the problem, our Wake County tax system can be very confusing because many people tend to believe tax value equals market value and it doesn’t. It’s a bit shocking for everyone when they get hit with a 7 year increase in tax value. Here is the “good news”- your tax rate will come down in June and your new tax value will remain the same on your home for another 7 years. It doesn’t matter what price you sell your home for in the next few years, it will not change the tax value. If you’re wondering how much your Raleigh home is worth in the current Wake County real estate market, learn more here.
The Wake County Tax “Fuzzy Math”
Before you break out the calculator and start to crunch the numbers on your new tax value against the current tax rate, keep this in mind. Every seven years the tax value typically goes up while the tax rates actually comes down. This means that even though you will now be paying more due to the increase in value this will be offset by a lower property tax rate. Allow me to offer an example. Let’s assume your original tax value was $300,000. With the current tax rate of 1.113%, your property tax liability was $3390. But now your new tax value is $350,000. But remember, the tax rate is projected to decrease from 1.113% to 1.05735%. Hence $350,000 times the new rate of 1.05735% will be $3700 per year. Unfortunately any way you compute it, your property taxes will increase. If you have an escrow account, count on receiving an adjustment notice early next year.
Stay-tuned! Help is on the way!
On my next Blog I will offer you some timely tips how to fight the new tax value assessment. In the meantime, tell me about your experience with your adjusted tax bill. How bad were you hit by the increase? Have you thought about appealing the new assessed value?
Wishing you all the best,
Come out and join us tomorrow downtown as we join over 60,000 people for the Raleigh Christmas Parade. Our team has been busy preparing our moving van today which will pull our float tomorrow. Linda will be on the float along with others from our team. The Parade starts near the corner of St. Mary’s and Hillsborough Street and will start at 9:30 am. Hope to see you there!
We are so excited to announce that our team has opened it’s own RE/MAX One Satellite office. We are now located on the corner of Six Forks Road and Newton Roads in Raleigh. Feel free to stop by and see us! Our official office open house will be in December.
Congratulations to Derrick and Beth Alston and Tom Cooper who were the winners of this month’s hockey ticket drawing. They all attended as our guests and enjoyed the game from Sections 114 & 115. Please register on our home page link so that you can be our next winner!
10. You’ll get a jump start on the marketing and advertising for your home. You can get ahead of other sellers waiting until January or springtime to list their homes.
9. You can sell now but specify a delayed closing date or extended occupancy if agreeable to all parties.
8. Showings can be restricted during personal and family events.
7. January is typically the month for transfers. Transfers cannot wait until spring to buy a house. Your home must be on the market now to capture the attention of these buyers.
6. Many people want to buy before the end of the year for tax and financial reasons.
5. Buyers have more time available to look for houses during the holidays. People have more time off to look and move into a new home.
4. Buyers are more emotional during the holidays and often base their decision on the warmth and good feeling they receive when viewing your house.
3. Houses show better when decorated for the holidays with the bright lights, festive colors and pleasing smells associated with the season.
2. Serious buyers have fewer houses to choose from during the holidays, so properties on the market have less competition, including yours…
1. People who look at property during the holidays are serious buyers and more ready to make a decision.
If you are interested in listing your home please contact me at 781-9298. We have qualified buyers who are looking for homes.
Hope you have a safe week!
I was very excited and grateful to hear that our team has recently moved up to the #17 RE/MAX Team in the US. With our ever changing current market we have seen a drop in home sales since August. However, thanks to all of my clients and people who help support us our team has contined to remain strong. Thank you for all of your referrals and repeat business. We appreciate you!
Good Morning Linda,
Both Charles and I wish to publicly acknowledge to you and your organization our deep appreciation for your participation in the headstone replacement ceremony held September 23, 2007, at Oakwood Cemetery. It was a gorgeous day and all went as planned. The music, the reenactors and featured speakers all added to this solemn ceremony which gave the correct names and identity to these three American soldiers.
The Veterans of the Civil War who we honored and all those resting throughout the United States continue to be remembered. Lacking the support of groups like yours we could have never found a way to pay this small tribute here in Raleigh.
Again, Thank you.
Bob Farrell & Charles Purser
Thank you to all those who came out and said hello at last Sunday’s Caniac Carnival. We are very happy to announce
Hot Air Balloon Ride Winner:
Caniac Cooler Chair Winners Are:
Don’t forget to come out today and celebrate our Carolina Hurricanes! This event will be held at the RBC Center on Edwards Mill Road and will be from 10 am to 2pm. Linda and the team will be by the large RE/MAX balloon and will offer moonwalk for the kids along with a chance for you to win a FREE Hot Air Balloon Ride.
The Canes will be offering tickets for the game this afternoon. For more information, click here.
We look forward to seeing you there. Go Canes!