Local Market information

Well, the new values are in and the only feedback I have gotten so far from my fellow Wake County residents is that they are all too high.  I might agree with some of you, however, land has appreciated substantially in our area.  There are many things that could lead to an inaccurate tax assessments of your home.  The information the county already has in the database being incorrect is the most common problem I see on a regular basis.  Most commonly, the incorrect information is the size of the home.  Substantially too large or too small.   

Most homes in subdivisions seem to be fairly close to the market value, not taking into consideration condition.  The condition of a property is sometimes overlooked by the appraiser's in the tax office, as they do not reinspect properties on a regular basis.

The homes that seem to have taken some of the largest increases, are homes that were once on the fringes of cities & townships.  This is especially true where you have larger parcels of land being bought for development purposes at very high per acre costs.  The remaining homes in the area, on somewhat larger than typical sites, are calculated based on this same high, per acre figure.  This is not always an accurate way of calculating land value, as it may take two or more sites being combined in order to get the full highest & best use of the land as used for development. 

 In cases like these, it may be a good idea to get an appraisal in order to get a more accurate estimate of market value to give to the assessors office.