What is revaluation?
Revaluation is the process that matches your tax value with what your property is worth on the market at the time of the revaluation. It covers all residential and commercial land and structures, such as homes, apartments and condos, and office buildings, stores and warehouses. It does not include what is known as “personal property,” such as cars, boats and airplanes. The values for those are adjusted annually. 
Related Documents

2008 Schedule of Values

Why do we do this?

State law requires revaluations at least once every eight years; the last revaluation in Wake County became effective January 1, 2008.

What determines my value?
Property is appraised at “fair market value,” which is the most probable price a property would bring in a competitive and open market. Property values for revaluation are determined by comparing sales prices for similar properties, what it would cost to replace your property, the potential income for your property and many other factors.

Why appraise property?
An appraisal provides a basis for determining a property owner’s share of the taxes that support schools, roads, parks, public health programs, libraries, and police and fire protection. The amount of taxes you pay depends on both your property value and the tax rates set each year by elected county and city/town officials.

What’s the benefit?
This readjustment in values makes the County’s tax system more fair and equitable, because the values are based on what the property is worth on the open market. This ensures that all property owners are paying their fair share of taxes.

How is an appraisal done?
Our appraisal team divides the county into approximately 4,400 neighborhoods. These neighborhoods are groupings of properties that have many of the same characteristics and react to the market in similar ways. The most typical example would be a subdivision with homes of similar age, style and quality of construction, which have lots selling for comparable prices.

We then analyze all sales in the county to establish what the land value should be in each neighborhood. The land values are then subtracted from recent package sales (house and lot) to determine the value of the buildings. That helps us establish the Schedule of Values (SOV). The SOV contains the rates to be applied to land and buildings to estimate the market value of all properties in the county. The Wake County Board of Commissioners must approve the Schedule of Values created by the Revenue Department before it becomes effective.