Tax Records Wake County (2024)

FAQs

How often does Wake County assess property taxes? ›

Every four years, Wake County revalues real estate to ensure all properties are valued and taxed equitably.

Determine the Assessed Value of the Property: If you do not know the assessed value, you can find it on the property's tax bill or by contacting the county's tax assessor's office. Calculate the Property Tax: Multiply the assessed value by the tax rate to determine the annual property tax amount.

Property bills are going up around the Triangle, and in Wake County some property owners are seeing increases of hundreds or thousands of dollars. Fiscal year 2025 (July 1, 2024 – June 30, 2025) is underway, which means people will begin seeing the increases in their payments that result from higher home values.

Overview of Wake County, NC Taxes

Residents of Wake County have an average effective property tax rate of 0.96% and the median annual property tax payment is $2,908.

These property values will remain in effect for between 4 and 8 years, depending on your county's revaluation schedule. While some counties, like Wake, conduct a revaluation every four years, others can wait up to 8 years.

Calculating the Property Tax Rate

Therefore, to calculate your county property taxes, take the assessed value of your property, divide by 100, and then multiply by 0.4731. For example, the owner of a $200,000 house will have an annual County tax bill of $946.20.

Property taxes vary widely by county in North Carolina. The lowest median property tax paid was $701 in Bertie County, while the highest was $3,784 in Orange County, according to 2021 data from the Tax Foundation. Your property taxes are locally assessed and collected by counties.

Details: The county could leave its property tax rate at a "revenue neutral" level, meaning at a rate that generates the same amount of money as the current tax rate. Wake County's property tax rate for 2024 is . 657 cents per $100 of property value, according to the country.

What is the property tax rate in Cary? ›

Cary's current property tax rate of 34.5 cents per $100 is one of the lowest for towns in Wake County, which levies a separate countywide property tax.

Fuquay-Varina has one of the lowest property tax rates in Wake County of $0.455 per $100 in assessed value.

The highest median property tax bill for 2021 was in Orange County at $3,784, followed by Durham County at $2,696, Wake County at $2,668, Mecklenburg County at $2,489, and Chatham County at $2,431.

North Carolina's property tax is “ad valorem,” which means that it is based on the value of property. A county assessor determines the value of a property and is required to revalue a property at least once every eight years. The goal of the reappraisal is to determine the current market value of the property.

Property taxes are commonly assessed on property (such as buildings and land) and property (such as cars and boats). A(n) tax is defined as the reduced before-tax return that a tax-favored asset produces because of its tax-advantaged status.

Wake County's property tax rate for 2024 is . 657 cents per $100 of property value, according to the country. The revenue neutral rate at the new appraisals would be . 4643 cents per $100 of value.

In many cases, the first step is to contact the tax office informally and seek to resolve the difference without filing a formal appeal. If the appeal cannot be settled informally, the taxpayer may appeal to the local Board of Equalization and Review, which begins its deliberations around the first week in April.

Wake County in January released its 2024 property revaluations, and while much of the focus has been on the more than 50 percent surge in overall home values, many office properties also saw significant increases since the last revaluation in 2020 — while some prominent buildings saw dramatic declines.