Wake County in North Carolina appraises property every eight years, but members of the Wake County Board of Commissioners, which controls county government funds and policies, said they want to start appraising property values every four years in an effort to make the process more predictable.
“Residents are often shocked by how much their properties increase or decrease in value over eight years,” Commissioner Sig Hutchinson told The News & Observer. “Assessing properties more frequently reduces the chance of ‘sticker shock.’ ”
Although residential property values remained neutral between 2008 and 2016, they jumped an average of 38 percent between 2000 and 2008 – prompting 27,500 land owners to appeal their assessments. Commissioner Matt Calabria suggested the length of time between property assessments played a role in “overcharging” residents.
“This would be a step toward alleviating that,” Calabria said.
The move would be significant because property values are linked to property taxes. It’s been suggested that additional appraisers be hired over the next eight years in Wake County bringing more accurate appraisals and fewer appeals.