Most Wake County residential property owners are unlikely to experience sticker shock when they open property revaluation notices in the coming days.
Results from the county's recent reappraisal of all 360,000 properties in the county show most homes have regained the value they lost during the recession but haven’t appreciated enough to trigger fears of tax increases.
Residential property values haven’t changed in Wake on average since 2008, according to the county, while commercial properties rose 19 percent on average.
The results are a dramatic change from 2008, the last time the county performed a reassessment. Residential property values increased 38 percent that year as the reassessment captured eight years of a real estate boom just before the housing market crashed, and commercial properties increased 49 percent.
Overall this time, Wake property values increased only 5 percent after rising at least 40 percent in each of the last three reassessments.
On Monday, Wake staff presented its findings to the county Board of Commissioners and began mailing updated appraisals to property owners. Tax bills – which are calculated by multiplying the tax rate by the property assessment – are likely to change to reflect the new property values but not until the Wake Board of Commissioners ...