This month, Raleigh residents will receive letters about property tax value updates. The majority of property values have gone up.
This revaluation is effective Jan. 1. It may affect how much Raleigh residents pay in property taxes on their next tax bill. However, the impact on your tax bill is not yet known.
How does this affect my taxes?
Two factors contribute to property taxes:
- the property’s assessed value; and,
- the tax rate per $100 of value set each year by elected county and municipal officials.
Wake County and the City of Raleigh are required to publish revenue neutral tax rates. The revenue neutral tax rate is calculated to generate the same amount of revenue after allowing for normal growth. The revenue neutral tax rate is likely to be lower than the current tax rate, as property values in general have increased.
The revenue neutral tax rate is still being calculated. We will update this article when that happens.
As part of the annual budget process, City staff recommends options for the tax rate needed to fund City services. This proposal will come in late Spring 2024. Raleigh’s fiscal year runs from July 1 to June 30. Therefore, the FY25 budget must be adopted by June 30.
Why is this happening?
Every four years, Wake County revalues real estate property. NC law requires it. The revaluations set the tax value of all land (residential and commercial) and structures, like homes, office buildings, stores, and farms.
Property tax is Wake County’s largest source of revenue to fund key services.
Property taxes are based on assessed value. Revaluations ensure that the assessed property value is up to date and reflects changes in the market. Property taxes fund things like public education, emergency medical services, public health, law enforcement, affordable housing, and other community services.
What’s next and resources
The week of Jan. 15, values will be available to property owners on the Wake County website. Property value notices will also be mailed to all Wake County property owners.
The County has information available to residents on its website.
- Frequently asked questions
- Comprehensive next steps and timing
- Steps for appealing assessed value
- Five-minute video explaining the process
- Information on payment plans and available tax relief programs from Wake County outreach