Wake County homeowners getting a shock as new property assessments arrive

RALEIGH, N.C. (WTVD) -- Some Wake County property owners are experiencing serious sticker shock at the mailbox. New assessments are being sent out this week and some people are reporting their home value soared as high as 80%.

The plumped-up prices are worrying people who were barely able to get into their first home or are living on a fixed income.

"I don't even think I can, $350,000 for my house right now even though I bought it last year," said Raleigh resident Katie Jones.

Wake County said property values increased for 53% of residential properties and 45% of commercial spaces.

Jim Carter is a retiree.

He said of the new assessments, "They're going to see a lot of people losing their homes or going out or whatever because they can't afford the property taxes because they're living on a fixed income."

The Wake County Board of Commissioners is expected to lower the tax rate in June, so it remains to be seen what the eventual effect will be with these new assessments.

County officials do expect a good amount of people to appeal the valuations.

Wake County's tax administrator, whose own home value went up 65%, said that roughly 60% of people who appealed their assessment in the past saw an adjustment in their favor.

ABC11 spoke with a couple of Realtors about how the new assessments could affect the housing market. They said they don't think it will slow the demand, and the lower tax rate may, in fact, attract more people to move to Wake County.