We see it routinely in the Cary area. Listing Agents shout, "Priced $Thousands below Tax Value!!"
It doesn't really mean much. If the difference is in the tens of thousands, then a Buyer might wonder if the Seller should have appealed the assessment and tried to have it lowered to a reasonable affordable number.
Wake County Property Tax reassessments are performed every 8 years. The last time was in 2008, with the next reassessment scheduled for 2016. Until then, Wake County will not adjust tax values because of market conditions or soft sales prices.
I have spoken to many homeowners who were afraid to appeal taxes, as they believe that a lower assessment would hurt their home value. Failure to appeal is an error, I believe. If one is contemplating selling their home, a Wake County Property Tax bill that is excessive also may discourage a Buyer.
And I got into it in a 60 Seconds in Real Estate episode:
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