2012 is the mid-point of the Wake County property tax assessment cycle. We reassess all properties every eight years. Last full property tax reassessment was performed in 2008, and the next full reassessment is scheduled for 2016.
Volatility in the Triangle housing market has raised the question of whether such a cycle is adequate. When some real estate values dip or increase more relative to other properties, should assessed values be corrected to be accurate? What costs would taxpayers have to be willing to absorb for more frequent reassessments?
The N&O had an article today, regarding the quandry, and the issue in Orange and Chatham Counties where property tax reassessments may possibly be delayed to avoid increasing the tax rates to maintain revenue.
It is more politically feasible to delay assessment than to be the one who voted for a tax rate increase, even if the bill stays the same…