We see it routinely in the Cary area. Listing Agents shout, “Priced $Thousands below Tax Value!!”
It doesn’t mean much. If the difference is in the tens of thousands, then a Buyer might wonder if the Seller should have appealed the assessment and tried to have it lowered to a reasonable affordable number.
Wake County Property Tax reassessments are performed every 8 years. The last time was in 2008, with the next reassessment scheduled for 2016. Until then, Wake County will not adjust tax values because of market conditions or soft sales prices.
I have spoken to many homeowners who are afraid to appeal taxes, as they believe that a lower assessment may hurt their home value. That is an error, I believe. If one is contemplating selling their home, a Wake County Property Tax bill that is excessive can discourage a Buyer.
And I got into it in a 60 Seconds in Real Estate episode: