2008 Wake County Reappraisal/Revaluation

The Wake County Revenue Department is required to reappraise real property at least once every eight years.  The last reappraisal was effective on January 1, 2000; the next reappraisal will become effective on January 1, 2008.  Real estate values should reflect the market value of properties at the time of the last reappraisal.

Property values change over time and must be adjusted periodically to maintain balance and equity.  Real property values usually increase over time; however, not all properties increase at the same rate.  Some properties actually decrease in value.  Therefore, a reappraisal is a re-equalization process with market value appraisals and equitable valuations as the primary goals.

The appraisal staff of the Wake County Revenue Department has divided the county into approximately 4,400 appraisal "neighborhoods."  These neighborhoods are homogeneous in that the parcels within the neighborhoods share many common characteristics and are affected by similar influences.  In conducting a reappraisal, the appraisal staff reviews all recent sales of real property that have occurred within each neighborhood.  This massive analysis of recent sales culminates in a uniform schedule of values, which is applied to each parcel of real property in Wake County.  The purpose of the uniform schedule is to insure equity in valuations.

It would not be difficult to simply appraise a given property at its most recent sale price, but this is not practical because all sales are not "arm's-length" transactions.  Sales between family members, related corporations, gifts, etc. do not usually represent market value.  Sale prices are also influenced by the needs and compulsions of buyers and sellers.  For example, a home may sell for less than its' market value because the seller is motivated by a sudden job transfer.  Conversely, a home may sell for a higher amount to a new resident moving in from a region where home values are much higher.  Analyzing all recent sales allows the Revenue Department to account for unusual circumstances such as those described above and develop a uniform schedule of values.  The application of the schedule of values may not exactly match every recent sale price; however, the schedule insures that each parcel of real property will be treated equitably.