2024 Wake County property revaluation

[Dire Wolf]

Originally Posted by Starglow

Yep it's going to be big. At some point the property tax increases will force people on low or fixed incomes out of their homes because they can't afford the property taxes anymore. I have friends in Florida that are in that situation now and they may lose their home due to non-payment of property taxes because they don't have the money based on their very limited income.

It’s worth noting that there’s some help for this for low income seniors:

https://www.wake.gov/departments-gov...perty-tax-bill

[DeepImpact]

Originally Posted by wizard-xyzzy

Here's a summary of what is exempted from property taxes in North Carolina.

• 278.1: Property owned by federal, state, or local government
• 278.2: Burial property
• 278.3: Property used for religious purposes
• 278.4: Property used for educational purposes
• 278.5: Property of religious educational assemblies
• 278.6: Property used for charitable purposes
• 278.7: Property used for educational, scientific, literary, or charitable purposes
• 278.8: Property used for charitable hospital purposes

The exemptions in 278.3-278.8 are not absolute. For example, income-generating property is generally subject to tax.

Lots of details at https://files.nc.gov/ncdor/documents...exemptions.pdf.

I buried Rover in the yard. Am I tax exempt?

[wizard-xyzzy]

Originally Posted by DeepImpact

I buried Rover in the yard. Am I tax exempt?

Haha, but before you ask the question consider NCGS §106‑403.

"Disposition of dead domesticated animals.

It is the duty of the owner of domesticated animals that die from any cause and the owner or operator of the premises upon which any domesticated animals die, to bury the animals to a depth of at least three feet beneath the surface of the ground within 24 hours after knowledge of the death of the domesticated animals, or to otherwise dispose of the domesticated animals in a manner approved by the State Veterinarian. It is a violation of this section to bury any dead domesticated animal closer than 300 feet to any flowing stream or public body of water. "

[zinner]

Holly Springs just announced a Budget of $104 million a year, and the proposed tax rate of .3435. Given the new valuation of my property that is a ~30% increase in taxes.

[DeepImpact]

Everybody coming out with their knives and forks looking to carve a bigger piece of the pie for themselves. Wonder how big a piece Wake county will take.

[zinner]

Originally Posted by DeepImpact

Everybody coming out with their knives and forks looking to carve a bigger piece of the pie for themselves. Wonder how big a piece Wake county will take.

I believe Wake says the projection is the rate will go from .6570 to .5105

[Waterboy526]

I ran the calculations on the proposed rates for Wake and Apex. Based on those calculations my property taxes would be raised 26.83%. That alone is looking like it'll raise my mortgage payment with escrow about $150-$160 per month.

Can't say I'm too happy about it, mainly because I see higher than inflation adjusted/revenue neutral rates moving forward as well.

[DeepImpact]

Looking back 10 years, I saw only two years where tax increases were anywhere near inflation-only increases on my property

[Waterboy526]

Originally Posted by DeepImpact

Looking back 10 years, I saw only two years where tax increases were anywhere near inflation-only increases on my property

I hear you. This whole "growth pays for itself" nonsense should finally be laid to rest as well.

[SFspiderman]

My annual property tax changes here in Cary since 2010...

2010: 0%
2011: 0%
2012: 0%
2013: +2.3%
2014: +4.9%
2015: +6.0%
2016: +3.9% (revaluation year)
2017: +1.5%
2018: +4.0%
2019: +6.5%
2020: +28.2% (revaluation year)
2021: –0.5%
2022: +2.0%
2023: +3.9%
2024: +26.0% (proposed - revaluation year)