If you live in Wake County, you have probably been hearing a lot about the new property taxes, but do you know what yours are? You can easily find out with the Revenue Tax Calculator. You enter your Real Estate ID, which is on the top left of your account page on the Wake County Real Estate Data site. The program will then calculate your new property taxes.
Why Are There New Property Taxes?
Effective January 1, 2020, all property in Wake County was reappraised at 100% fair market. The prior assessed value represented 100% fair market value as of January 1, 2016. The purpose of the reappraisal is to re-establish tax equity and fairness between properties that may have changed in value at different rates depending on property type and location.
Changes in tax liability for individual properties depend on two factors:
- How much the property changed in value between 2016 and 2020
- The final tax rates adopted by each taxing jurisdiction in June 2020
You can learn more at Services.WakeGov.com.