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.