Property owners to get tax revaluation to every 2 years in Wake County

RALEIGH, N.C. (WTVD) -- Many Wake County property owners faced sticker shock last year when the county assessed their property values much higher than in years past, causing a hike in property taxes.

"Increases of that magnitude really stress homeowners' pocketbooks," said Wake County tax administrator Marcus Kinrade.

Kinrade said Wake County is growing faster than ever before, saying the latest census data shows 66 people move to the county every day.

"So that really stresses the housing supply, we have more demand for housing than we have supply and that's pushing values up at a rate that really we've never seen before," he said.

SEE ALSO | Homeowners in Durham face property tax increases after reappraisals

Property owners saw an average value increase of 51 percent in 2024. The last time the value was re-assessed was four years prior in 2020 - prompting the county to make a change.

"Trying to smooth this process out because right now it's sort of like an EKG, it's just up and down, up and down, and when you have big increases in value combined with big tax rate increases, it's a formula for disappointment," said Kinrade.

Historically, property values were assessed every 8 years, however, in 2016 it was changed to every four years amid booming growth. And now, it will go to every three years and eventually every two years.

The next time value will be assessed in Wake County will be in 2027, then again in 2029, and every two years following in response to the rapid growth.

SEE ALSO | Cumberland County homeowners appeal skyrocketing property values