North Carolina鈥檚 largest county used to conduct property valuations every four years, but that鈥檚 changing after a vote from Wake County commissioners on Monday.
The next revaluation will take place in 2027, three years after the previous one. Starting in 2029, the county will move to a two-year cycle. Tax Administrator Marcus Kinrade laid out the reasons for the change during a presentation to county commissioners.
鈥淚t's about fairness and equity in the valuation process,鈥� he said.
Residential values in Wake County grew by more than 50% during the last revaluation, which wrapped up in 2024. Wake added almost $92 billion to its tax base in the previous four years, as it remains one of the fastest-growing urban counties in the nation.
Kinrade said many new residents are moving from places like Florida, Illinois, California, and Texas, where valuations are updated annually.
鈥淪o, for those who are moving here, and there are still a lot of people moving here, it would make more sense from where they're coming from if we did this more frequently,鈥� he told commissioners.
Longtime Wake County homeowners should benefit from less 鈥渟ticker shock鈥� of more frequent revaluations.
鈥淓xisting home values don't typically rise as fast as new construction homes, because we've added depreciation to those structures,鈥� he said. 鈥淪o, it should take some stress off of existing homeowners and shift it to the growth [new construction].鈥�
Although the shorter revaluation cycle will mean more work for his office, Kinrade told commissioners that he doesn鈥檛 need to hire additional staff.
鈥淲e are staffed, and we're budgeted and prepared to do this,鈥� he said. "Our expertise in our office have never been higher.鈥�
He said his office is using artificial intelligence software developed by Cary-based SAS and aerial photography to prepare for the next round of revaluations.
The change in Wake County comes as other Triangle counties are conducting revaluations. Like Wake, homeowners in Orange, Johnston, and Durham counties are seeing dramatic spikes in home values as the region adds thousands of new residents each year.
