Raleigh Residential Real Estate – Good news for Raleigh, NC area home owners – Taxes may be less than expected.
Raleigh Residential Real Estate – Good news for Raleigh, NC area home owners – Taxes may be less than expected.
The News and Observer reported on Saturday that the property tax rate could drop below the anticipated rate of 53 cents per $100 home valuation to a “revenue-neutral” rate of 50.8 cents per $100 valuation.
“If commissioners do not lower the property tax rate to make the revaluation revenue-neutral, property tax bills will jump sharply. Last week, county commissioners voted to lower the tax rate to the revenue-neutral amount for upcoming tax bills. The current rate is 67.8 cents per $100 of value.”
The reason for the consideration in rate change is because fewer appeals were made to the average 43% increase in tax value of Wake County properties. The increase brought the total value of all Wake County real estate and personal property that is taxed to $116 billion.
The PolingTeam encourages you to contact your county commissioners to request a revenue-neutral rate. It will help all of us.