This year is the dreaded year for real estate tax asessments. Unlike other areas of the country we are blessed 
with low taxes and our assessment is done only every 8 years. The last assessment in the Triangle was done in the year 2000. I received my assessment in the mail a couple of weeks ago and knew the value would change dramatically. It's great when home values rise but it's not quite as fun to get the tax bill associated with the increase in the value. I'm not the only one dismayed by the change in tax values -Our local paper today ran an article about how homeowners in the area are stunned at the new values.
What homeowners in the Triangle don't realize is that the assessments are pretty accurate based on the overall strength of our real estate market. First, our market has been relatively unscathed by the recent subprime crises. Further, I believe the assessed values are even a tad lower than the market value. Next, why are we complaining? Most areas are assessed annually. Last but not least our millage rates in the Triangle hover around 1% of the overall assessed value. A bargain compared to many states that have high property taxes.
Here's where the average homeowner ended up in the Triangle:
If you would like to appeal the assessment you can click on the link I provided or if you have any questions about the market relative to your assessment(I've gotten a lot of these calls) please feel to send me an email or visit my website at www.TriangleNCHomes4Sale.com and complete the contact page.
Tracy Santrock, REALTOR, specializes in relocation, buyer agency, listings & investment properties in the Triangle area of North Carolina with Fonville Morisey. Visit www.TriangleNCHomes4Sale.com.
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Tracy...Great topic. Very timely.
Everyone in our area is wondering if our assessments will be down as we are reassessed every other year and prices have come down during that time.
When people complain about how high their assessment is I often ask if they would sell for that amount. Of course the answer is no. However, they usually add that they are not planning to sell so it doesn't matter what they would want for it, the assessment is just too high!
Kathleen
P.S. We have property in three different counties. It will be interesting to see if and how they differ.
Kathleen,
You have NO IDEA what a controversy the tax assessment has been here. It's unbelieveable to see the different perspectives. When it hits your wallet your home is overvalued and when you sell the tax assessor has given you a raw deal. My two cents.
It sounds like you'll here some of the same grumblings that we've had recently.
Noone on this network may like taxes but this is by far the most contested topic in my area before the holidays! EVERYONE I run into asks me about real estate taxes.