Wake County Property Tax Value is NOT Market Value! 60 Seconds in Real Estate, Cary NC

By
Real Estate Broker Owner with Realty Arts
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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Scan the QR Code with your Smartphone to Email MeQR CodeMike Jaquish, REALTOR®

919-880-2769 www.RealtyArts.com

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Independent Broker/Owner, Realty Arts

130 Towerview Court,

Cary, NC

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Topic:
ActiveRain Community
Location:
North Carolina
Groups:
North Carolina Real Estate
Raleigh-Durham Real Estate Professionals
The Ninety-ninth Percentile
VBloggers
Tags:
assessment
wake county property tax
cary
nc

Comments 11 New Comment

Rainmaker
763,792
Mike Jaquish
919-880-2769 Cary, NC, Real Estate
Realty Arts

Hi, Elizabeth!

I'm ON IT!  LOL

July 13, 2011 11:15 PM
Rainer
134,275
Jim O'Donnell
Raleigh Cary Realty

Another great video.  Not everyone is aware, but as the professionals, we must educate

July 14, 2011 11:11 AM
Ambassador
663,396
Ann Allen Hoover
CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL
RE/MAX Advantage South

Love it Mike!  Short and sweet yet important information for your Cary consumers.

July 16, 2011 11:00 AM
Rainmaker
763,792
Mike Jaquish
919-880-2769 Cary, NC, Real Estate
Realty Arts

Jim,

Thanks.  I try to put a little thought into it from time to time...

Ann,

Thank you!  "Short" fits my attention span...

July 16, 2011 10:44 PM
Anonymous #11
Anonymous
Anonymous

I only wish that the county tax website would post a disclaimer to that tax and market two different values

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July 18, 2011 07:16 PM
Rainmaker
763,792

Mike Jaquish

919-880-2769 Cary, NC, Real Estate
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Additional Information

Cary, NC, blog. I'm in Cary, North Carolina, writing about Real Estate, including Cary, Raleigh, Apex, Wake County, NC, and around the USA..