New Property Value Notices Hit Wake County Mailboxes – Some Seeing 80% Change

Following a two-year process of market analysis and field visits, the property values of more than 425,000 Wake County properties were updated to bring property values into alignment with fair market value as of January 1, 2024.

North Carolina law requires all counties to revalue real property at least once every 8 years.  Wake County transitioned from an 8-year to a 4-year revaluation cycle in 2016.

As of January 1, 2024 Wake County had a total of 427,527 parcels, of which 23,641 are commercial parcels.

Commercial Real Property Tax Base before Revaluation:       $ 56.4B

Commercial Real Property Tax Base after Revaluation:         $ 81.9B

Residential Real Property Tax Base before Revaluation:        $124.5B

Residential Real Property Tax Base after Revaluation:           $190.5B

Commercial Value Drivers:

Mini Storage    113%

Industrial           79%

Apartments       55%

Retail                 33%

Restaurant         29%

Hotels                22%

Office                20%

“The increase in values is unprecedented for Wake County, but we’re confident the updated assessed values reflect fair market value,” said Wake County Tax Administrator Marcus Kinrade, citing how the county’s continued growth, high housing demand and limited supply triggered rapidly increasing real estate values over the last four years.