Wake County, North Carolina is finalizing assessments for the 2016 revaluation. This marks the county’s first opportunity to adjust values since the 2008 reassessment, and the possibility exists for significant increases in value across many commercial property classes.
Ryan has analyzed more than 200 commercial transactions occurring over the three-year look-back period, which Wake County will utilize to establish the new assessment base. Our research suggests that sales prices are significantly higher than prior assessments, meaning taxable values may increase an estimated 8% for industrial properties, 11% for retail, 12% for class A office properties, 18% for class B office properties, 35% for hotels, and 43% for apartments.
Wake County expects to mail assessment notices the second week of December. The values determined in the 2016 revaluation will carry forward through the next reassessment currently scheduled for 2024. In order to minimize property tax exposure, it is critical that all assessments are reviewed in Year 1 of the eight-year cycle.
TECHNICAL INFORMATION CONTACTS:
Suzanne Markley
Director
Ryan
404.365.0922
suzanne.markley@ryan.com
John McClintock
Specialist, Client Services
404.365.0922
john.mcclintock@ryan.com
