2025 Real Estate Revaluation

Wayne County is conducting a property revaluation in 2025 to ensure that property values are fair and accurate based on current market conditions. Required by North Carolina law, revaluation helps distribute the tax burden equitably among all property owners. It is important to understand that revaluation does not determine your tax bill—it only updates the assessed value of your property. The Board of Commissioners will set the tax rate separately during the annual budget process.

This page provides detailed information on the revaluation process, how property values are determined, and what to expect when you receive your notice. If you believe your assessed value is incorrect, you have the right to appeal and submit supporting documentation. Use the resources below to learn more and stay informed.

What is a Revaluation?

A revaluation is the process of determining the current market value of all real property in the county. Market value is the price a property would likely sell for in an open market between a willing buyer and seller, with neither being under pressure to buy or sell and both having reasonable knowledge of the property’s potential uses.

Revaluations ensure that property values reflect fair market conditions, allowing for a more equitable distribution of property taxes.

How Does Revaluation Affect My Tax Bill?

Revaluation only determines the assessed value of your property. It does not set your tax rate.

Your tax bill is calculated using two factors:

1. Assessed value – Determined by the revaluation process.
2. Tax rate – Set annually by elected officials, including County Commissioners, City Councils, and Town Boards.

Since tax rates are set as part of the budget process, there is no way to determine how revaluation will affect individual tax bills until the new rates are established.

Why is Revaluation Necessary?

One common misconception is that revaluations are conducted to increase tax revenue. This is not true. North Carolina law requires counties to complete a property revaluation at least once every eight years to ensure fairness in property taxation.

Property values do not change at the same rate across the county. Some areas appreciate faster than others, and different property types (residential, commercial, agricultural) can experience varying rates of value change. A revaluation ensures that each property is assessed fairly and equitably based on actual market trends.

What Does "Equitable" Mean?

Revaluation redistributes the tax burden fairly based on current market conditions.

For example, if two similar homes were worth $150,000 each in 2019, but by 2025, one home had appreciated to $225,000 due to a new school and increased demand while the other was worth $175,000, revaluation ensures that the owner of the higher-value property pays a proportionate tax amount. Without revaluation, both properties would continue paying the same tax, even though one is worth significantly more.

Similarly, if commercial properties increase in value by 50% while residential properties only increase by 20%, revaluation ensures that tax distribution reflects these changes fairly.

How is My Property Value Determined?

We do not determine property values by applying a set percentage increase. Instead, property values are based on actual market conditions using three standard appraisal techniques:

• Sales Comparison Approach – Compares recent sales of similar properties in your area.
• Cost Approach – Estimates how much it would cost to replace your property with a similar one.
• Income Approach – Used mainly for commercial properties, this method evaluates the income a property could generate.

Property values are assessed at the neighborhood level, using recent sales data whenever possible.

What if I Disagree with My Appraisal?

All property owners have the right to appeal their assessed value. While the county works diligently to ensure assessments are accurate, with 64,000+ parcels, errors or overlooked property conditions are possible.

Should I Appeal?

You should file an appeal if:

• You believe your property’s assessed value exceeds its true market value.
• You have documentation, such as a recent appraisal or evidence of property damage, that supports your claim.

You should not file an appeal if:

• You think your assessed value is close to what your property would sell for.
• You are concerned about affordability – the ability to pay taxes is not a valid reason for an appeal.

How Do I Appeal?

If you disagree with your assessment, you have two appeal options:

1. Informal Appeal:
   • The detachable form at the bottom of your revaluation notice serves as your informal appeal form.
   • Complete the form and return it to the Tax Office within 30 days of your notice date.
   • A Tax Office employee will review your appeal and may contact you for additional information.
2. Formal Appeal:
   • If you are not satisfied with the informal appeal decision, you may file a formal appeal with the Wayne County Board of Equalization and Review.
   • Instructions for this process will be included in your second notice.

If you remain dissatisfied after the Board of Equalization and Review’s decision, you may appeal further to the North Carolina Property Tax Commission.