A proposal being considered in Wake County could affect how much you pay in real estate taxes.
Wake County Commissioners are mulling over a proposal to do reappraisals every four years instead of every eight.
The county is currently undergoing a property tax reappraisal and homeowners have been absorbing the increase thinking that it would stay the same for the next eight years.
But Wake County Revenue Director Marcus Kinrade said appraisals reestablish equity “and equity is what you want when you are distributing the property tax burden.”
Appraisals cost the county money and the commissioners may not want to spend the kind of cash it takes every four years. “The current 2016 reappraisal we are projecting would cost $7.1 million,” Kinrade said.
Sabrina McKoy of Rolesville said more frequent real estate tax increases would hurt her family’s pocketbook. “It would be concerning to us, something to watch,” she said, adding that she might be tempted to appeal the reappraisal.
But Kinrade said that more frequent reappraisals actually result in fewer appeals because, in general, when increases in value are smaller, the number of appeals drops.
If the board of commissioners decides to go to a four-year cycle all homes in wake county would be reappraised in 2020. The commissioners may vote on the issue at their next meeting March 21.