Wake County North Carolina Property Tax Assessed Value vs. True Sales Value. The Missing Link is.......MISSING!

By
Real Estate Broker/Owner with Realty Arts

Now that we have our new Assessed Tax Valuations in Wake County North Carolina, we are seeing the usual suspects come out of the woodwork in and around Cary and Raleigh, and other areas.

Already real estate agents are huffing and puffing about assessed tax value, hoping to mislead people regarding the market value of property.  They are playing on homeowners' fears regarding higher real estate taxes.

"$10,000 below Tax Value!!!!" absolutely does not make a property a bargain.  If that is all the market will support, it is likely that an appeal is in order to get the tax value reduced so it is in line with market value.  Basically getting valuations in line with market value is the goal of the Wake County Revenue Department.  They expect appeals, to help them set values accurately. 

"Your Tax Value is lower than the Listing Price."  So?  You can buy the house and appeal to the County to raise your taxes, if that will give you more comfort.  I'm sure they will be delighted to accommodate your request.  Otherwise, you are getting a bargain on your property taxes in your new home

The Wake County Revenue Department cannot possibly assess the condition and value of individual properties.  They actively seek the input of professionals, real estate appraisers and REAL ESTATE AGENTS, who are in the field daily.

I think that a Wake County real estate agent who uses tax value to price a home, or to promise a specific sale price to a prospective listing client, rather than doing a thorough and accurate market study is just not doing their job, and not taking care of their client properly.

When seeing this type of misleading, "There's a sucker born every minute" marketing, the consumer is wise to beware the source and seek an ethical Realtor for counsel on market conditions.

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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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Location:
North Carolina Wake County
Tags:
wake county
north carolina
cary
nc
raleigh
tax value
assessment
new assess
property tax
real esate tax

Comments 2 New Comment

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Rainer
339,851
Kris Wales
Real Estate Blog & Homes for Sale search site, Macomb County MI
Keller Williams Realty - Lakeside Market Center
Mike, what I'm finding here is that even when a buyer purchases a home under taxable and assessed value that once they turn in their property transfer affidavit, that the assessing offices raises the assessed value to the full amount.  They don't get a break at all.  Yes, they can appeal.  Good luck with that.  The cities/townships love giving back tax money. /sarcasm.
December 05, 2007 05:20 AM
Rainmaker
765,003
Mike Jaquish
919-880-2769 Cary, NC, Real Estate
Realty Arts

Kris,

We only reassess every 8 years in Wake County.  No reassessment at time of sale.

It is typically imprecise, and only gets more so over the eight year cycle.

There is no reason for an agent to dwell on tax value in listing or formulating an offer, other than to mention the amount of property tax billed to the property.

Right now, the die is being cast.  Those who fail to appeal high assessments will bankroll those who are savvy enough to make a reasonable appeal and who have their assessment lowered.

Thanks for dropping in.

December 05, 2007 05:28 AM
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Rainmaker
765,003

Mike Jaquish

919-880-2769 Cary, NC, Real Estate
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