Understanding Property Taxes in Wake County
Property taxes are a significant source of revenue for local governments, funding essential services such as public education, emergency services, and infrastructure maintenance. For residents of Wake County, North Carolina, comprehending how these taxes are assessed, calculated, and what relief programs are available can help in financial planning and ensuring fair taxation.
How Property Taxes Are Assessed in Wake County
In Wake County, property taxes are based on the assessed value of real estate properties. The Wake County Department of Tax Administration is responsible for appraising real estate and personal property within the county, as well as generating and collecting tax bills.
Revaluation Process
To ensure property assessments reflect current market values, Wake County conducts a revaluation of all real estate properties periodically. The most recent revaluation was completed in 2024. This process involves:
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Neighborhood Analysis: Grouping properties with similar characteristics.
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Market Data Review: Analyzing recent sales data to determine land and building values.
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Field and Office Reviews: Verifying property details and assessments.
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Assessment Notices: Informing property owners of their new assessed values.
Property owners who disagree with their assessed value have the right to appeal. The Wake County Board of Equalization and Review (BOER) handles these appeals. Taxpayers who timely appealed their 2024 assessed value, but who have not yet had a hearing in front of the BOER, may still be sent an initial bill or notice per NCGS 105-378.
Calculating Property Taxes
Property taxes in Wake County are calculated using the following formula:
| Property Tax = (Assessed Property Value / 100) x Tax Rate |
For the fiscal year 2025, the Wake County Board of Commissioners approved a tax rate of 51.35 cents per $100 of assessed valuation.
For example, if your home's assessed value is $300,000:
| ($300,000 / 100) x $0.5135 = $1,540.50 |
It's important to note that this rate applies to county taxes. Municipalities within Wake County may have additional tax rates, which will affect the total property tax bill.
Tax Relief Programs
North Carolina offers several property tax relief programs for qualifying residents:
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Elderly or Disabled Homestead Exclusion: Homeowners who are 65 years or older, or totally and permanently disabled, with an income not exceeding $37,900, can exclude the greater of $25,000 or 50% of their home's appraised value from taxation.
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Circuit Breaker Tax Deferment Program: For homeowners 65 or older, or totally and permanently disabled, with an income not exceeding $56,850, taxes are limited to a percentage of their income (4% for incomes up to $37,900; 5% for incomes between $37,900 and $56,850). Taxes above this limit are deferred and become a lien on the property.
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Disabled Veteran Exclusion: Veterans with a total and permanent service-connected disability, or their unmarried surviving spouse, can exclude up to $45,000 of the appraised value of their residence from taxation, regardless of income.
Applications for these programs are due by June 1 each year. Late applications may be considered under certain circumstances, such as hospitalization or military deployment.
Payment and Assistance
Property tax bills are typically mailed in July and are due by January 5 of the following year. Payments can be made online, by mail, or in person. If you're having difficulty paying your property tax bill, it's advisable to contact the Wake County Department of Tax Administration to discuss possible payment arrangements or to inquire about relief programs.
Understanding the intricacies of property taxes in Wake County can help homeowners manage their financial obligations effectively and take advantage of available relief programs. For more detailed information or assistance, visit the Wake County Tax Administration website or contact their office directly.
A Recent Update
In March 2025, the Wake County Board of Commissioners approved a change to the property tax revaluation cycle. Previously conducted every four years, revaluations will now occur more frequently to better reflect current market conditions. The next revaluation is scheduled for January 1, 2027, followed by another on January 1, 2029, transitioning the county to a two-year cycle.
This adjustment aims to make property valuations more routine and reduce the financial impact of significant adjustments over longer periods. In 2024, Wake County residents experienced an average property value increase of 51%, with some properties increasing by more than 60%. The more frequent revaluation cycle is intended to smooth out these increases over time, making the process more predictable and fair for homeowners.