Revaluation

Revaluation

Real estate revaluations are required by law in North Carolina, and they set the tax value of all residential and commercial land and structures such as homes, office buildings, stores, and farms, as of the revaluation effective date. They do not include what is classified as individual personal property, such as vehicles, boats, airplanes, and business equipment, which are valued annually.

Property values don’t all go up or down at the same rate. Revaluations make sure each property’s assessed value reflects its fair market value, or the most probable price a property would bring at sale in a competitive and open market. If counties didn’t conduct periodic revaluations, some property owners would pay more than their share of property tax, while others would pay less than their share.

Property taxes are determined by two factors: a property’s assessed value and the tax rate per $100 of value set each year by elected county and municipal officials. Property tax is Wake County’s largest source of revenue. Revaluations ensure that property owners pay their fair share of property taxes, which go on to provide services like public education, emergency medical services, public health, law enforcement, affordable housing, and other community services.

 Revaluation Timing

In North Carolina, counties must conduct a revaluation once every eight years, but many counties conduct a revaluation on a shorter cycle. The current revaluation has an effective date of January 1, 2024. The next revaluation will be effective January 1, 2027.