How does the County conduct a revaluation?

How does the County conduct a revaluation?

There are four main steps in a revaluation: neighborhooding, land and building pricing based on sales data, field and office reviews, and notice of assessment and appeal review.
 
Neighborhooding is where the County's approximately 425,000 parcels are divided into about 5,100 neighborhoods based on similar market, economic, and geographic conditions, such as a subdivision where homes are all about the same age, style, and quality of construction. In the land and building pricing phase, property sales of both homes and land are analyzed to establish appropriate land values, building grades, and the influence of various property characteristics.
 
In the Field and Office Review phase, appraisers review the proposed rates by visiting neighborhoods and properties around the County to inspect the condition of homes in-person, or reviewing them from the office utilizing many different resources like updated aerial photography.
 
The results of the revaluation are presented to the Board of Commissioners, and value notices are mailed to property owners. Taxpayers can file a formal appeal to the Wake County Board of Equalization and Review. Once appeals are heard, the County prepares lessons learned from the most recent revaluation process and begins the next revaluation cycle.