2020 is a revaluation year for Wake County, the state's second most populous county and home of the state capital, Raleigh. Wake County's Tax Administration Department has already begun mailing revaluation notices, and property owners and managers can also look up their new values for most properties at https/services.wakegov.com/taxportal.
According to Anna Johnson of The News & Observer, the assessed values of commercial properties in Wake County are averaging 33% increases over the assessed values set in the County's 2016 revalaution. The biggest increases are for hotels, which increased an average of 48%. A close second are apartments, which increased an average of 45%. Offices and restaurants saw an average increase of 25% and 24%, respectively, and retail is up 16%.
If you recieve your notice of assessment and think the value shown might be more than the property is worth as of January 1, 2020, now is the time to do something about it. Your notice will have a short period of time during which you can request an informal review. If you miss that deadline, you'll need to be sure to file an appeal to the Wake County Board of Equalization and Review. The deadline for an appeal to the BER is the Board's adjournment date. Wake County has not yet announced the BER's adjournment date this year, but by statute, it cannot be before the first Monday in April, which is April 6, 2020. To be on the safe side, file your appeals by the first Monday in April.
If you're responsible for the property tax function of commercial property in Wake County and not sure whether to file an appeal, our article on "When is Appealing Your Property Tax Bill Worth the Money?" should help. Feel free to also give us a call to discuss whether an appeal is worth considering.