Dec. 11, 2007 - Change in Tax Valuation leaves Homeowners Stunned

This year is the dreaded year for real estate tax asessments. Unlike other areas of the country we are blessed with low taxes and our assessment is done only every 8 years. The last assessment in the Triangle was done in the year 2000. I received my assessment in the mail a couple of weeks ago and knew the value would change dramatically. It's great when home values rise but it's not quite as fun to get the tax bill associated with the increase in the value. I'm not the only one dismayed by the change in tax values -Our local paper today ran an article about how homeowners in the area are stunned at the new values.

What homeowners in the Triangle don't realize is that the assessments are pretty accurate based on the overall strength of our real estate market. First, our market has been relatively unscathed by the recent subprime crises. Further, I believe the assessed values are even a tad lower than the market value. Next, why are we complaining? Most areas are assessed annually. Last but not least our millage rates in the Triangle hover around 1% of the overall assessed value. A bargain compared to many states that have high property taxes.

Here's where the average homeowner ended up in the Triangle:

• Wake county property values: 43%
• Average Wake County residential property value: 38%
• Durham county property values: Up 30%
• Average Durham County residential property value: 24%

If you would like to appeal the assessment you can click on the link I provided or if you have any questions about the market relative to your assessment(I've gotten a lot of these calls) please feel to send me an email or visit my website at www.TriangleNCHomes4Sale.com and complete the contact page.