Why does the County do a revaluation?

Revaluation is required by law. North Carolina mandates that counties assess property at market value to ensure fairness in property taxation. Because property values do not all go up or down at the same rate, revaluations also make sure each property's assessed value reflects its fair market value. Revaluations ensure that property owners pay their fair share of property taxes, which fund services including public education, emergency medical services, public health and law enforcement. Property tax is also Wake County's largest source of revenue, making up approximately 75% of the county's budget.