You are currently browsing the archive for the Uncategorized category.
It’s hard to beat.
Forbe’s ranking of the Raleigh/Cary metro area as #1 in the USA for Business and Careers was just the ticket. It comes on the heels of last May’s BusinessWeek.com mention of Cary as one of the Best Affordable Suburbs in the South. Read the rest of this entry »
That’s what Forbes magazine says.
We are #1 in the USA in Best Places for Business and Careers. Read the rest of this entry »
So, I have been working hard telling folks how the Wake County Property Tax reassessment works. And how to appeal their new tax values.
The other shoe dropped for me this week. I got the response from Wake County that my appeal was denied. No adjustment will be made to my over-assessment.
I delivered quite a package to Wake County. Recent sales. Similar models that have expired as listings, unsold at values lower than my assessment. Comps that indicate that Wake County has assessed my home at a higher per square foot value than any home has ever fetched in my neighborhood. These are cookie-cutter tract homes, with my model represented throughout the neighborhood. Easy to comp.
Still, I’m assessed at $147/square foot, with an active railroad right-of-way (can you say “Negative adjustment to value?”) adjoining my lot. Nothing in my neighborhood has ever brought over $127/square foot. I listed and sold that house, and somehow think I have a clue as to values.
I asked Wake County to revalue my home at $133/SF, allowing 5% appreciation on that $127/SF. Denied.
Sweetie asks if I will appeal? I will be making the phone call tomorrow.
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. Read the rest of this entry »
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.