What determines my value?
By law, your property is appraised at “fair market value” as of January 1, 2008. Market value is the most probable price a property would bring in a competitive and open market. Property values for revaluation were 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 does the value change?
The value of your property could change from year to year, depending on several factors such as:
- If you made improvements such as adding a room or garage, the value will probably go up.
- If there was demolition or more than normal physical deterioration, the value could go down or not inflate as much since the last revaluation. (Normal maintenance problems usually do not affect value.)
- The value may also go up or down because of recent sales in your neighborhood and overall demand for housing.
Remember, the healthy local economy means many people want to live and work in Wake County, so property values in nearly every neighborhood continue to increase each year. Over eight years, this increase can be significant.
How will I learn about my new value?
You will be mailed a “notice of assessment” in mid- to late-November informing you of your new property value, effective January 1, 2008. The values also are posted under “Search Real Estate Records.”