Wake County Property Tax Bills Have Arrived…Ouch!!!
Most of us have received our new property tax notice from Wake County by now. Earlier this year, we discussed and shared information about this topic. There was much debate about significant increases in taxes, and now the time has come. Here are some important points to consider:
Increased Property Values: Our property values have increased, which is positive news, but it also means higher taxes.
Escrow Accounts: If your taxes are paid through your mortgage servicer, expect an adjustment later this year. Your current escrow account balance will likely fall short of the required amount. Usually, you can either pay the difference in a lump sum or spread the higher payments over a period, typically limited to one year, until you catch up.
Regular Revaluations: This increase was not unexpected. Wake County revalues real estate every four years to ensure all properties are valued and taxed equitably.
Appealing the Assessment: You can appeal your updated assessed value, but be cautious. The true value of your home might exceed the assessment, which could have a negative impact.
For more information on the revaluation, visit:
Wake County Revaluation
