Revaluation Process

Revaluation Process

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

Neighborhooding is where the county’s approximately 450,000 parcels are divided into about 5,000 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. These properties are reviewed together because they typically react to the market in similar ways.

Land and Building Pricing

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.

Field and Office Review

In the field and office review phase, appraisers review the proposed rates by visiting neighborhoods and properties around the county. Conducting field reviews allows appraisers to get an in-person view of the condition of some properties. Many resources are utilized when conducting office reviews, such as updated aerial photography.

Notice of Assessment and Appeal Review

The results of the revaluation are presented to the Board of Commissioners, and value notices are mailed to property owners. Taxpayers can appeal their values formally to the Wake County Board of Equalization and Review. Once appeals are heard, the County prepares lessons learned from the revaluation process and begins the next revaluation cycle.