Shift means more gradual value changes, reducing sticker shock for property owners
This afternoon, the Wake County Board of Commissioners approved a change to the property tax revaluation cycle. With the Board’s approval, the county will transition to a more frequent revaluation schedule – first to a three-year cycle and then to a two-year cycle. The next revaluations will be effective Jan. 1, 2027, and Jan. 1, 2029. This shift will allow property valuations to become more routine for property owners, reducing sticker shock from significant adjustments every four years.
“We heard clearly from our residents after the 2024 revaluation that dramatic jumps in property values created financial uncertainty for many families," said Wake County Board of Commissioners Chair Susan Evans. "Moving to a shorter cycle will help smooth out these increases over time, making the process more predictable and fairer. This change will help ensure that property values stay in line with gradual market trends, so property owners won’t face sudden, overwhelming increases all at once.”
The state of North Carolina requires counties to update property values to fair market value at least once every eight years. Prior to today’s action, the County revalued real estate every four years, with the most recent revaluation effective January 1, 2024. More frequent assessments will ensure that new construction and renovations are valued closer to their actual market worth, preventing older properties from shouldering an unfair tax burden. This change moves Wake County closer in line with national best standards, with most of the fastest-growing counties revaluing property annually.
"Wake County continues to experience substantial growth in both new residents and new construction, with property values rising 51% between 2020 and 2024," said Marcus Kinrade, Wake County tax administrator. "Infrequent revaluations that lead to large value increases can cause significant tax bill fluctuations in a revaluation year, affecting household budgets. We are seeing similar trends in neighboring counties and across North Carolina, and we’re taking this action to create a more predictable and less disruptive process.”
More information on the tax revaluation process, important dates and frequently asked questions can be found on the Wake County Tax Administration webpage.
