Wake County homeowners are facing potential changes in property taxes, but there's some good news. Even though property values are expected to go up, experts suggest that tax increases won't be as high as one might fear.
Wake County assessors looked at a lot of homes and businesses—over 400,000 homes and 23,000 businesses, which is 51% more than in 2020. The county's Tax Administrator, Marcus Kinrade, explains that each property's value changes differently, so they need to adjust things to keep things fair.
Despite the rise in property values, there's a promise that taxes won't go through the roof. The Wake County Board of Commissioners and Raleigh City Council are figuring out a new tax rate, aiming for what they call a "revenue-neutral tax rate," currently suggested at $0.4643 for every $100 of property value. This is less than the $0.6570 rate in 2023.
This suggested rate is part of the upcoming budget, covering the fiscal year from July 1, 2024, to June 30, 2025. It's important to remember that these are just suggestions, and the final decision will be made by the commissioners later this year. They might choose a different rate to fund things like schools and roads.
What This Means for Homeowners:
Even with a lower tax rate, your tax bill could still go up because your property's value is increasing. For example, a house worth $300,000 in 2024 might have a tax bill of $1,393, which is 41% more than in 2016. However, the house's value has gone up by 82% during the same time.
The suggested tax rate might lead to different tax bills in different parts of Wake County. Some areas like Apex, Cary, Fuquay-Varina, Garner, Morrisville, and Wendell might see increases. Holly Springs might stay the same, while Knightdale, Raleigh, Rolesville, Wake Forest, Zebulon, and places without a specific town could see decreases.
Advice for Homeowners:
Wake County Commissioner Vice Chair Susan Evans suggests paying close attention to understand the details of property tax calculations, including county and local rates, along with extra fees like waste or fire tax.
As Wake County considers property tax changes, the idea of keeping taxes steady provides some comfort to homeowners. Knowing the ins and outs of property assessments and proposed tax rates is crucial for residents as they navigate the upcoming fiscal year.