Hi everyone, I have good news to report today! With gas prices over $4 per gallon and inflation out of control, I'm happy to report that the 2008 Wake County Tax Rates are actually lower this year. 

Ok, well not really but sort of.  Wake County assesses residential property every eight years and 2008 happens to be the year for real estate assessments. For more information on the assessments click here.  This year, on average, the assessed values for properties in Wake County increased 42% which has not been received favorably by the public to say the least! That's a whopping increase for families on fixed income or for any family in general.  Since this is an "assessment year" there is a distinct correlation of the tax value to the assessed values especially in higher turnover neigbhorhoods.  On the other hand, in some of the higher price ranges we're seeing home sales below the assessed value related to the overall market conditions and supply of inventory in this price range.    

Aside from the Tax Value is the "Property Tax Rate."   This is the percentage taken against the Tax Value to determine the property tax due.  In Wake County in 2007 the rate, for Cary for example, was 1.098% range. The Wake County Property Tax Rate for a home has dropped from .64% in 2007 to .534 in 2008 which includes School taxes and a recycling fee, and the Town of Cary rate actually increased from .32% to .33%.  So, the total property tax rate for 2008 is .089% or a little less than 1%.  In conclusion,  for a home assessed at $300,000 in 2007 the owner would be required to pay $3294 in property tax which includes city and county taxes and that rate for 2008 would be $2670. The key differential for the overall property tax bill is the big jump in the assessed value. 

Here is a tax chart below with the actual rates for each town and an example of the tax bill based on a home price of $300000. 

I hope this helps you plan your tax bill for your home in 2008.