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2012 Wake County property taxes

Discussion in 'Property. Houses, Homes, Areas.' started by Ronnie, Aug 31, 2012.

  1. Ronnie

    Ronnie TREF Member

    Jun 17, 2012
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    Our tax bill for 2012 is the same as 2011. I thought taxes would go up. Anyone else surprised?
     
  2. rabbit

    rabbit TREF Member

    Jun 14, 2012
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    Property taxes in Wake County should go down. Property values are down since Wake County assessed values in 2008.
     
  3. Zappa

    Zappa TREF Member

    Jun 11, 2012
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    The News and Observer had an article about property taxes this morning. It is a difficult issue. If the counties lower the property tax assessment values, they will just have to increase the tax rates to collect the same amount of revenue.
     
  4. rabbit

    rabbit TREF Member

    Jun 14, 2012
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    But, they have a job to do. The article says that some homeowners are carrying an unfair portion of the burden. How can Wake County only reassess property values every 8 years and say they are being fair across the board?
     
  5. Zappa

    Zappa TREF Member

    Jun 11, 2012
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    Property tax reassessments are expensive. If they reassess to capture lower valuations, raise property tax rates to cover lower total tax base, and most people pay the same amount, is that a wise use of taxpayer resources?
     
  6. rabbit

    rabbit TREF Member

    Jun 14, 2012
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    If you are one of the ones who are paying more than a fair share of property taxes, it might seem like a very wise use..... ;)
     
  7. Zappa

    Zappa TREF Member

    Jun 11, 2012
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    Well, yes.
    But the local authorities have to consider the many as well as the few.
     
  8. JBob

    JBob Knows the Ropes

    Jun 9, 2012
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    Seems to me that the property taxes are so affordable that most people would hardly feel a difference.
     
  9. Ronnie

    Ronnie TREF Member

    Jun 17, 2012
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    Maybe compared to othe areas. Property taxes are a burden to many people here.
     
  10. adele

    adele Knows the Ropes

    Jun 9, 2012
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    i don't understand why you aren't taxed on the price of the home. Isn't that what it is worth?
     
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  11. Ronnie

    Ronnie TREF Member

    Jun 17, 2012
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    But wouldn't that freeze a valuation and people who never move would always pay less in taxes even if their home appreciated over time?
     
  12. Chaz

    Chaz TREF Member

    Jul 1, 2012
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    Right.
    And also, many sales are at less than market value and those owners would not pay full property taxes.
     
    Mike Jaquish likes this.
  13. Ronnie

    Ronnie TREF Member

    Jun 17, 2012
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    Property taxes stink
     

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