Part of working in Cary, NC, real estate is helping people understand the local landscape. I have had many recent conversations with folks who are concerned about the new tax valuations. Many are convinced that their taxes are going to go up as much as 75%.
People are creating all sorts of new concerns, stressing about the effects of reassessment on their property values and the ramifications of new tax values on their home values.
“My tax value is low. How will I explain that to Buyers?”
Well, tax value and market value are not tangibly linked in Wake County. Tell them they are getting a bargain on their taxes. Continue reading “Wake County, NC, Property Tax Reassessment has gained a LOT of attention!”
Wake County Property Tax assessed valuations for 2008 were released this week. We saw property values increase by an average of 40% across the county. I know folks who saw their values increase by 70%. Continue reading “Wake County Property Tax Reassessment: How to appeal your new assessed tax value”
Cary, North Carolina, routinely pops up on lists of most desirable towns when areas are ranked.
A combination of factors creates a wonderful environment.
Cary, NC, is located in the center of the Triangle region, between Raleigh, Durham, and Chapel Hill and just minutes from the Research Triangle Park.
This location allows for easy access to all the amenities of the area, which would include entertainment districts, employment centers, sports venues, medical care, parks and other outdoor recreation, Raleigh-Durham International Airport (RDU), and great shopping complexes.
And Cary is an easy 2.5 hour drive to great North Carolina beaches. A similar drive takes you to the mountains of North Carolina.
Town of Cary government is very proactive in creating a safe community, and the Town routinely ranks as one of the safest towns under 200,000 population in the United States.
Growth has been rampant, and well-managed. In 1970 Cary’s population was under 4,000. Today it is over 110,000 and growing. Growth has been very suburban in style, with subdivisions organized in a cul-de-sac layout which leads to quiet streets with low traffic. Growth has allowed Town government to maintain a superb credit rating for bonds, and low property taxes.
I have lived in Cary since 1997, and enjoy it tremendously.
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Wake County, North Carolina Property Taxes can be confusing to Buyers and Sellers. You can access photos, notes on building permits, tax bills, deed history, subdivision or area sales, structure information, and a map of the property, including zoning, environmental features, and aerial photography on line at Wake County North Carolina Property Tax information.
One confusing detail for many Buyers from out of state is the lack of correlation between “Tax Value,” and the Listing Price of a property for sale. Basically, it is safe to say there is no link between the two in Wake County, and much of North Carolina.
In many states “Tax Value” is adjusted to reflect recent sales activity, and correlates closely to property value. Wake County Tax Values are re-assessed at eight year intervals. There is an optional “adjustment” at the 4 year mark of that cycle. It is not aggressively used to bring Tax Values “into line” with market conditions.
The next Wake County re-assessment is scheduled for 2008, and Tax Values will likely change dramatically to the upside.
Separate from the Tax Value is the “Property Tax Rate.” This is the percentage taken against the Tax Value to determine the property tax due.
In Wake County municipalities, the rate is in the 1% vicinity, i.e., on a home with a $275,000 Tax Value, the owner may pay just over 1%, or $2750+/-, property tax, including local municipality and county taxes.
The Market Value of that home may be $255,000 or $500,000, or whatever, depending on whether it existed prior to the last re-assessment. Typical Assessed Values fall into a range of 60% to 90% of Market Value. In some neighborhoods without much appreciation, Assessed Valued can be higher than current Market Value.
Currently, the Wake County Property Tax Rate for a home is .64%, which includes School taxes and a recycling fee, and the Town of Cary is .32% on my home, yielding a total property tax rate of .96%. If living in an unincorporated area of Wake County, the Property owner will typically pay only the .64% County tax, with no municipality taxes.
So, don’t be surprised when Tax Value and Listing Price don’t correlate.
And when you see “FOR SALE BELOW TAX VALUE!,” be aware that is not an immediate indication of great value. Either the Seller doesn’t understand the local system, or is trying to attract Buyers who don’t understand.