The Wake County Revenue Department is mailing out the new property revaluation notices this week, and the numbers are starting to hit mailboxes. I have already plugged the new assessed value for my Downtown Raleigh bungalow into my tracking spreadsheet, and even with a revenue neutral tax rate adjustment from the county and city, we are looking at a significant monthly bump in our escrow payments.
For those who are newer to the area, do not panicking when you see a thirty or forty percent increase in your valuation. That does not mean your tax bill is going up by thirty or forty percent. The county and the city of Raleigh will set their actual tax rates later this spring during the budget sessions. However, you should absolutely start budgeting for a higher monthly housing cost starting this fall.
Has anyone else received their notice yet? Let us know what town you are in and what kind of percentage jump you are seeing so we can get a sense of how the valuations are shifting across the county.
the house is a habitat