PROPERTY TAX REVALUATION

BACKGROUND

Under North Carolina law, county government is responsible for determining the fair market value of all real property (real estate) in the county, including that property that lies within the corporate limits of cities and towns. The law requires property values to be re-examined, or revalued, at least every eight years.

Once the property values are adjusted for market changes that have occurred since the last revaluation, the county’s tax or revenue department sends notices to property owners giving the new value for the real property. That notice, however, is not a tax bill; tax bills are sent after July 1st of each year, so citizens will not receive the tax bill that reflects the new assessed value until the middle of the year 2000. The tax bill is calculated by multiplying the assessed value by the tax rate—which is set annually by the governing body. In the meantime, citizens who think that their new values are incorrect may appeal their revaluation by contacting the county.

WAKE COUNTY REVALUATION

On November 15, 1999, the Wake County Revenue Department announced the new assessed values for all real property in the county, including property in Cary . Overall, property values in Cary have increased on average about 47% since the last revaluation was completed eight years ago. Since this is an average, some citizens in Cary may see their property values go up less than 47% while others may go up more than 47%.

Wake’s Revenue Department began mailing notices of the new values to all property owners on November 16th. This is not a tax bill; rather, it is a statement of the new value of the property. Citizens who disagree with the new value may appeal the new figure to officials at Wake County.

TAXES IN CARY

North Carolina law allows for a tax rate to be set once per fiscal year (July 1^st through June 30^th). Revaluation does not affect this law. The Cary Town Council sets the tax rate—currently 43 cents per $100—each year as part of the budget process. The tax rate for the year becomes official when the new budget is adopted annually in June. Tax bills reflecting the new rate are issued in August.