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Wake County Property Tax Value is NOT Market Value! 60 Seconds in Real Estate, Cary NC

By Mike Jaquish

Real Estate Broker/Owner with Realty Arts NC Broker License #235526

July 12, 2011 01:01 PM

We see it routinely in the Cary area. Listing Agents shout, "Priced $Thousands below Tax Value!!"
It doesn't really mean much. If the difference is in the tens of thousands, then a Buyer might wonder if the Seller should have appealed the assessment and tried to have it lowered to a reasonable affordable number.

Wake County Property Tax reassessments are performed every 8 years. The last time was in 2008, with the next reassessment scheduled for 2016. Until then, Wake County will not adjust tax values because of market conditions or soft sales prices.

I have spoken to many homeowners who were afraid to appeal taxes, as they believe that a lower assessment would hurt their home value. Failure to appeal is an error, I believe. If one is contemplating selling their home, a Wake County Property Tax bill that is excessive also may discourage a Buyer.

And I got into it in a 60 Seconds in Real Estate episode:

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Barb & Sal Dragotta

Macomb, MI

Macomb County Michigan

Mike....that is a 60 second announcement worth the time; hopefully, the folks buying or living in Cary NC will take note. Our taxes are done each year, & must say that the Township has lowered taxes the last two years. We have been lucky in this.
Good Information for your area. Have a great week.

Barb

Jul 12, 2011 01:27 PM

Mike Jaquish

Realty Arts - Cary, NC

919-880-2769 Cary, NC, Real Estate

Barb,

Thanks!

Now if I could just get that soundbite with substance syllabilized in 60 Seconds....

Jul 12, 2011 01:38 PM

Lora "Leah" Stern 914-772-4528

Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY

Real Estate Salesperson

Love your 60 seconds in real estate and the message of this one is an important one.

Jul 12, 2011 03:37 PM

Lee & Pamela St. Peter

Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC

Making Connections to Success in Real Estate

Featured on VBloggers!

Great info to get out there Mike, and cool idea on your 60 seconds in real estate series!

Jul 12, 2011 11:50 PM

Leah,

Thank you! It IS important. After the mortgage payment, property taxes are the next largest expense of homeownership for many people.

Pamela,

Thanks! I think it is good information too, and that a LOT of people do not understand the workings of Wake County Property Tax assessment.

Jul 13, 2011 02:12 AM

'The Diamond Group' 'A Cut Above The Rest'

The Diamond Group @ Keller Williams - Lubbock, TX

Lubbock Texas Real Estate

our clients owe it to themselves and their neighbors to fight those nasty taxes every year and I for one am glad to help them out. Go get em' Mike

Jul 13, 2011 02:53 PM

Hi, Elizabeth!

I'm ON IT! LOL

Jul 13, 2011 04:15 PM

Jim O'Donnell

Raleigh Cary Realty - Fuquay Varina, NC

Another great video. Not everyone is aware, but as the professionals, we must educate

Jul 14, 2011 04:11 AM

Ann Allen Hoover

RE/MAX Advantage South - Hoover, AL

CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL

Love it Mike! Short and sweet yet important information for your Cary consumers.

Jul 16, 2011 04:00 AM

Jim,

Thanks. I try to put a little thought into it from time to time...

Ann,

Thank you! "Short" fits my attention span...

Jul 16, 2011 03:44 PM

Lynn911.com ~ Dallas Real Estate Agent Top Team

Dallas Houses for Rent Dallas Apartment Rentals Lynn911.com - Dallas, TX

I only wish that the county tax website would post a disclaimer to that tax and market two different values

I just authored a humorous blog you might enjoy a laugh for the day click here

Jul 18, 2011 12:16 PM

Wake County Property Tax Value is NOT Market Value! 60 Seconds in Real Estate, Cary NC

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