2020 North Carolina Property Revaluation
Wake County and Cabarrus County are scheduled to perform Property Tax Revaluation in 2020.
North Carolina has a single tax rate for both residential and commercial properties. Properties are reevaluated at least every 8 years according to state law. Revaluation frequency varies by County. Property Tax rates are set by both Cities and Counties. All municipalities must publish the revenue-neutral tax rate before setting an adjusted tax rate. Reevaluated property values can be appealed informally to the County or formally to the County Board of Equalization. Appeals are made to the NC Property Tax Commission.
WAKE COUNTY
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Wake County last assessed real estate values on January 1st 2016.
Projections indicate that Wake County residential properties will increase 20% in value and commercial properties are expected to increase 33%. Hotels are projected to have the most significant increase since 2019 at 48%, and Apartments are at 45%, Offices 25%, Restaurants 24% and Retail 16%.
Wake County released the Schedule of Values on September 3, 2019, and the County Commission will set the 2021 FY tax rate in Spring of 2020. Last Year Wake Commissioners increased property taxes by 10%, a 6.63-cent increase, for a new rate of 72.07 cents per $100 of assessed property value.
MORE INFORMATION
Wake Reappraisal Webpage
Wakegov.com/taxportal
Wake Revenue-Neutral Tax Calculator
CABARRUS COUNTY
Cabarrus County assesses property values every four years, the last reevaluation was January 1, 2016. New property values are scheduled to be published and distributed mid-February. October of 2019, Cabarrus Commissioners adopted the Schedule of Values.
The Cabarrus County fiscal year 2020 budget included a 2-cent property tax increase, setting the rate at 74 cents per $100 of assessed property value, a 7.89 percent increase over the 2019 fiscal year budget. The Cabarrus County Commission will set the 2021 property tax rate in June of 2020.
Contact CLTPR for information on our Real Estate Advocacy Services.