Wake County property values are going up. Here’s what homeowners need to know.
Wake County will begin notifying residents this week of their property’s new value, and most people should expect a bump in their assessments.
On average, homes in Wake County increased 20% in value from four years ago, and commercial properties increased 33%.
This is Wake County’s first revaluation of property since 2016. State law requires counties to assess every eight years, but Wake County has chosen to undergo the task every four years to better reflect market values, or how much a property could be sold for “in an open and competitive market.”
“There is a big supply problem in housing in Wake County,” said Marcus Kinrade, Wake County tax administrator. “There is not enough supply and a huge demand. So when you have demand and low supply, that is going to drive prices up. And what we are seeing is the highest demand is in the lower residential price points. Price points below $250,000.”
Homes valued at less than $250,000 saw a 31% increase in their value compared to 17% for homes valued between $250,000 to $450,000. And homes in the eastern part of Wake County, including Knightdale, Zebulon, portions of Raleigh and Garner, saw the largest jumps.
“They have more housing stock at the lower price points,” Kinrade said.
| Jurisdiction | Residential Change | Commercial Change | Overall Change |
| Apex | 18% | 31% | 21% |
| Cary | 18% | 28% | 21% |
| Fuquay-Varina | 21% | 32% | 23% |
| Garner | 23% | 32% | 27% |
| Holly Springs | 18% | 31% | 20% |
| Knightdale | 25% | 36% | 29% |
| Morrisville | 22% | 31% | 27% |
| Raleigh | 23% | 36% | 28% |
| Rolesville | 13% | 15% | 13% |
| Wake Forest | 15% | 26% | 17% |
| Wendell | 22% | 40% | 26% |
| Zebulon | 29% | 28% | 28% |
| Unincorporated | 16% | 29% | 17% |
| Wake County Overall | 20% | 33% | 24% |
But a higher home value doesn’t necessarily mean a homeowner’s property taxes will go up.
The current county tax rate is 72.02 cents per $100 of assessed property value, meaning the owner of a $300,000 house pays $2,162.10 in county property taxes right now.
But it’s too soon to know what the new county tax bill could be. The Wake County Board of Commissioners will set the new property tax rate this spring, starting with a “revenue neutral rate” to generate roughly the same tax revenue as now and make any adjustments to fund the county budget from there. The revenue neutral rate would be 60 cents per $100.
Hotels and apartments saw the largest increases of 48% and 45% in value, respectively, while offices went up 25%, restaurants went up 24% and retail went up 16%.
People who don’t want to wait on the mail can visit wakegov.com/taxportal Tuesday to use a calculator to learn their new property value. If people disagree with the assessment, they are asked to contact Wake County for an informal appeal. Residents still unhappy can file a formal appeal.
People with questions about the process or their property’s assessment can call 919-857-3800, email reappraisal@wakegov.com or visit wakegov.com/taxportal.
This story was corrected at 8:31 p.m. Jan. 13, 2019.
This story was originally published January 13, 2020 at 5:46 PM.
