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New assessments are out today. The news story does not appear to be too far off - new assessments went up by 50% or more in some cases. Does anyone know if this will mean taxes also will go up by 50%?
I'm up less than 32%. I was expecting more. There are a ton of new $500K+ houses going up around me and they are all just 2-story cubes with tiny little yards. No character. I'm at the south east corner of Swift Creek.
It’s a revenue neutral tax rate, so your taxes won’t go up 50%. You can use the calculator on this site to get an estimate. My taxes went up about $500.
I'm up nearly 66% since the 2020 evaluations. Most of my neighbors are seeing similar increases, which means there's little to no basis for me to appeal the new valuations. When will Wake County release the "updated" tax rate, assuming they don't simply pocket the difference by leaving the current rate as is?
My assessed value in NW Raleigh is up 63% from 2020. Yikes.
Tax value for my house is actually pretty close to if not spot-on to market value now. In 2020 it was a good 10-15% below market value at the time... guess I wasn't getting that lucky twice (though to be fair I didn't own this house in 2020)
Last edited by TarHeelNick; 01-16-2024 at 08:38 PM..
When will Wake County release the "updated" tax rate, assuming they don't simply pocket the difference by leaving the current rate as is?
They will adopt a budget with the new tax rate in early June, but the proposed budget should come out in early May.
They obviously won't just "pocket the difference." A tax increase of 50% has no justification and would never fly.
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