Orange County property owners are very familiar with the impact of revaluation and what happens if a county doesn’t lower the tax rate to the so-called “revenue-neutral” rate. This week we learned, thanks to the Triangle Business Journal, that Wake County’s 2008 revaluation has translated into property values that, in many cases, show little relation to sales price. From TBJ (note you must be a subscriber to access the entire story online):
An analysis of Wake County tax data shows that 68 percent of the homes sold in Wake County in the first quarter of this year fetched prices lower than the tax value imposed by the county in 2008 after a yearlong revaluation process.
Guess what that says about the level of property taxes folks are paying.
