- Land: All parcels of land owned within Wake County Real Estate.
- Buildings: Permanent structures such as houses, commercial buildings, and other edifices.
- Structures: Includes additional constructions like garages, sheds, or any significant constructions attached to the land.
- Improvements: Any enhancements made to the property, increasing its value.
- Permanent Fixtures: Items affixed to the property in a way that they become part of the real estate (e.g., built-in appliances, plumbing fixtures).
- Mobile Homes: These are considered real estate if placed on a permanent enclosed foundation on land owned by the mobile home’s owner.
Wake County Real Estate Transactions Hit Seasonal Low
| Category | Details |
|---|---|
| Real Estate Property Includes | – Land<br>- Buildings<br>- Structures<br>- Improvements<br>- Permanent fixtures<br>- Mobile homes on a permanent enclosed foundation on land owned by the owner |
| Real Estate Reporting | – Permanently listed; no annual listing required |
| – Tax lien attaches on January 1 and remains until taxes are fully paid | |
| – Owners must report new buildings, additions, improvements, or deletions from the previous year if no building permit was issued | |
| – Use a Personal Property Listing form to report changes | |
| – Maintenance (painting, replacing structures, landscaping) is not considered an improvement and does not require listing | |
| Appraisal Visits | – Conducted by Wake County Tax Administration appraisers |
| – Verify property characteristics with records | |
| – May include outside measurements, reviewing story heights, and examining exterior updates | |
| – Appraisers carry county-issued badges and have magnetic signage on vehicles | |
| – Typical visit duration: 15-30 minutes (can be longer for complex properties) | |
| – Purpose: Ensure accuracy and completeness of property information for correct appraisals |
Wake County real estate Homeowners Face Property Tax Adjustments
| Category | Details |
|---|---|
| Headline | Wake County Homeowners Brace for Property Tax Adjustments |
| Expectation | Property values are expected to increase compared to 2020, but property taxes are not expected to increase significantly. |
| Posted Date | January 17, Updated January 22 |
| Reporter | Ali Ingersoll, WRAL Investigative Data Reporter |
| Key Points | |
| – Properties Examined | 403,886 residential properties and 23,641 commercial properties |
| – Total Properties Evaluated | 427,527 properties |
| – Increase Compared to 2020 | 51% increase in property values compared to 2020 |
| Tax Rate Information | |
| – Revenue Neutral Tax Rate | Proposed rate of $0.4643 per $100 of value, down from $0.6570 per $100 of value in 2023 |
| Authority & Decision Making | |
| – Decision Makers | Wake County Board of Commissioners and Raleigh City Council |
| – Final Decision | Commissioners will set the final tax rate when they approve the budget later in the year |
| Budget Process | |
| – Budget Proposal | Staff can propose changes to the revenue-neutral tax rate as part of the budget proposal |
| – Fiscal Year | Raleigh’s fiscal year runs from July 1, 2024, to June 30, 2025 |
| Considerations | |
| – Potential for Higher Rate | Commissioners could set a higher tax rate to fund schools, infrastructure, and other public works |
Home Sales Prices in Wake County real estate Reflect Market Adjustments
| Property | Location | Beds | Baths | Sq Ft | List Price | Sale Price | Sale to List Ratio | Days on Market | Sale Date |
|---|---|---|---|---|---|---|---|---|---|
| 3385 Lovage Dr | Apex, NC | 5 | 3 | 2,780 | $729,000 | $729,000 | 2% over list | 34 days | May 17, 2024 |
| 6433 Hatchies Dr | Raleigh, NC | 3 | 2.5 | 1,474 | $290,000 | $275,000 | 5% under list | 58 days | May 17, 2024 |
| 222 Alamosa Pl | Cary, NC | 3 | 2.5 | 2,109 | $544,990 | $550,500 | 1% over list | 44 days | May 17, 2024 |
| 205 Forestcrest Ct | Apex, NC | 3 | 2.5 | 1,414 | $475,000 | $496,000 | 4% over list | 49 days | May 17, 2024 |
| 229 Bracken Ct | Raleigh, NC | 2 | 2.5 | 1,213 | $265,000 | $262,000 | 1% under list | 45 days | May 17, 2024 |
| 102 Kaladar Ct | Cary, NC | 3 | 2.5 | 1,784 | $495,000 | $575,000 | 16% over list | 29 days | May 17, 2024 |
| 809 Carrington Dr | Raleigh, NC | 4 | 2.5 | 2,887 |
