The Wake County and City of Raleigh 2023 property tax bills have been released, and property owners are being impacted by increases up to 8% in some areas.
Value increases are as follows:
- Wake County: .6195% up to .6570%; 6% increase
- City of Raleigh: .393% up to .4339%; 10% increase
- Overall increase for Wake County/City of Raleigh: 7.7%
These increases are taking place in advance of the 2024 county-wide revaluation, when values will reset, and net taxes could potentially increase even further.
The 2023 tax bills are due September 1 but are not considered delinquent unless paid after January 5, 2024. Now is the time to adjust budgets or accruals accordingly. These increases coupled with the upcoming revaluation can have a significant impact on commercial real estate owners and their bottom lines.
The local experts at Ryan can help you navigate the revaluation process and ensure tax minimization strategies are applied. In addition, we proactively help clients budget and are available to assist you with your 2024 budget planning. Our expert tax consultants stand ready to put their extensive experience and resources to work on your behalf.
TECHNICAL INFORMATION CONTACTS:
Suzanne Markley
Principal
Ryan
404.942.6393
suzanne.markley@ryan.com
Alexander Carr
Senior Manager
Ryan
404.365.0922
alexander.carr@ryan.com
Hailey Garrett
Senior Manager
Ryan
404.365.0922
hailey.garrett@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.