Wake County and Durham County Revaluation Notices Going Out

In North Carolina, every county is required to revalue its real property at least once every 8 years. Once the value is established in a revaluation year, the value stays the same until the next revaluation, except in limited circumstances. This is true regardless of whether the market value of property is going up or down during the revaluation cycle. Counties can revalue more frequently than 8 years and some in fact do, usually on a 4 year cycle.

As this article in the Triangle Business Journal states, 2016 is a revaluation year for both Wake County and Durham County, two of North Carolina's largest counties. One take away from the article is the effect of the Great Recession on the 2016 revaluations. The article states that in each of the revaluations since 1992 property values in Wake County increased an average of 40% compared to the prior reval cycle. For 2016, however, values increased only an average of 5%. Obviously, property value increases varied from property type to property type. Residential values were essentially flat in Wake County, but commercial values averaged a 19% increase, fueled in part by a 54% increase in apartment values.

In Durham County, values increased by larger margins. Residential values were up about 12%, commercial values were up about 27%, and industrial values were up about 10%.

Sccording to the NC Department of Revenue, other counties scheduled for revaluation in 2016 are the following: Cabarrus, Caswell, Cleveland, Craven, Jackson, Perquimans, Pitt, Richmond, Surry, Transylvania, Vance, Wilson, and Yancey.

Image by Boston Public Library, licensed under Attribution 2.0 Generic (CC BY- 2.0). Image has not been modified.

 

Topics

Sign up for the North Carolina Property Tax Law Monitor

About the Author

John Cocklereece Jr

John A. Cocklereece, Jr.

John Cocklereece concentrates his practice on property tax appeals, business law, tax controversies, and estate planning and administration.
Email John

More Reading