In North Carolina, real estate reappraisals are required to be conducted at least once every eight years. The last reappraisal in Wake County was effective January 1, 2008.  Reappraisals cover all residential and commercial land and structures, which includes homes, apartments, condominiums, office buildings, stores and warehouses. Reappraisals do not include what is classified as individual personal property, such as vehicles, boats, airplanes, and business equipment. These property types are valued annually. 
Related Documents

2008 Schedule of Values

By law, real estate 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 a reappraisal are determined by comparing what similar properties are selling for, what it would cost to replace your property, the potential income or highest and best use of your property, as well as many other factors that may affect value.

This readjustment in value provides a basis for determining an owner’s share of property taxes that support the areas of education, public safety, human services, and community and environmental services.  The amount of taxes you pay depends on both your property’s value and the tax rate set each year by elected county and city/town officials.

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.