2012 Wake County property taxes

rabbit

TREF Member
Jun 14, 2012
11
7
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#2
Property taxes in Wake County should go down. Property values are down since Wake County assessed values in 2008.
 

Zappa

TREF Member
Jun 11, 2012
18
7
3
#3
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.
 

rabbit

TREF Member
Jun 14, 2012
11
7
3
#4
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.
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?
 

Zappa

TREF Member
Jun 11, 2012
18
7
3
#5
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?
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?
 

rabbit

TREF Member
Jun 14, 2012
11
7
3
#6
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?
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..... ;)
 

Zappa

TREF Member
Jun 11, 2012
18
7
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#7
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..... ;)
Well, yes.
But the local authorities have to consider the many as well as the few.
 

JBob

Knows the Ropes
Jun 9, 2012
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Raleigh
#8
Seems to me that the property taxes are so affordable that most people would hardly feel a difference.
 

adele

Knows the Ropes
Jun 9, 2012
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Raleigh
#10
i don't understand why you aren't taxed on the price of the home. Isn't that what it is worth?
 

Ronnie

TREF Member
Jun 17, 2012
22
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Around the Triangle
#11
i don't understand why you aren't taxed on the price of the home. Isn't that what it is worth?
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?
 

Chaz

TREF Member
Jul 1, 2012
5
5
3
Durham
#12
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?
Right.
And also, many sales are at less than market value and those owners would not pay full property taxes.