Wake County North Carolina Property Tax Value vs. Market Value

This was an extremely beneficial article.  Thanks for the information.  I am looking at a property in Hillsborough, NC and there was a 2:1 difference between the listing price and the tax value and my ears immediately pricked up!  After reading your article, I feel much better about the listing price.  I understand that there really isn't much of a correlation between the two values in the state of NC.

I am in wake county and they my property assessment went from 166k to 216k and no property in the subdivision has ever sold over 211k

I think I will have to appeal, I own 3 properties in that subdivision.  

 I saw in the news today that they are going to increase the tax rate too, to pay for some bonds.  That's really going to hurt the local economy.  My taxes have already been going up for the past couple of years.

1,711.57

1,828.69

1,902.32

 2592 (estimate)

My estimate is showing 36% higher  than the previous years which is way out of line with inflation, but lower than what the average person here will feel.  If people believe that there is a negative savings rate, and the cost of many things are rising faster than inflation (oil, gas, insurance, food,etc. .) then we are in for some tough times unless wages increase a lot which will most likely not happen.  I believe consumer spending will slow dramatically and cause retail stores to close and commercial real estate to be punished. With more people unemployed, consumers will spend even less which by it's self will cause more retail to close.  I think it's gonna get a lot worse before it gets better.  

We are looking for ways to invest our money. We were told there are times when homes are auctioned off for the taxes owed. Is this true and if so, how can we find out when?

My observation about the revaluation is that it occurred at a very inopportune time for taxpayers, especially those with high value properties. While the valuations went into effect at the begining of 2008, the values were extracted from early 2007 and before. In general, our market had peaked by the end of 2007 and went into decline by early 2008. The net result is that properties have been valued based on sale prices of properties while our market was strongest. Now that the market has weakened, there are neighborhoods where there is 12 or more months of inventory available. This has driven prices down significantly and it may take years before we return to the former price levels. I completed about a dozen appraisals for property tax disputes, but I know there were many who missed the deadline and may now be stuck with an over-assessment.

Mike, i know I'm a latecomer, but am compelled to throw in my two cents. Even when I worked for a mortgage company here last year we were able to create a decent estimate of what the appraised value would come in at based off of tax values and knowing that they ran from 10-30% less.

Nonetheless, we just bought a home and got taken by the tax value scenario.

Our own agent expressed amazement at the fact we were getting the house for 40K under tax value. The appraisal shows that the house is worth almost $30K less than the tax value. The current owner appealed right away in january 08 and lost, reason being that the value they gave her home was comparable to the other homes in the neighborhood, some of whom go up to $350K tax assessed value. Of course, those homes didn't make it as comps in the appraisal. Fortunately we are still walking in the door with 18K in equity...

a question i would pose is, now that we are in a buyer's market, does it typically stay that way for long in our market?

just found this forum and am green behind the ears on all this, but i want to ask some things and hope i don't appear too dumb.  my hubby and i are looking at retirement and the economy, and considering an old (built 1932) house in beaufort co.,nc.  very few renovations have been done (so i'm sitting here wondering if it's old plaster walls that would need to be pulled out to replace dangerous cloth covered wiring etc...) and i'm not getting hardly any answers from the agent i was assigned to.  (really not happy about that; may well request a new one.)  the home sits on 2 lots and 2 addt. lots are included.  total assessed value is ~105 k; asking price 150 k.  (and yes, i've read that the 2 often don't correlate.)  we live out of state and hope to travel to see the place this weekend.  what i'm curious about is (can't get ahold of the tax assessor today yet, so don't have the year the tax assessment was done, etc.)  does anyone out there have a ballpark figure as to how much property has declined in the past couple years in nc?  anything anyone could offer would be appreciated.  deb