Wayne County Residents Begin Receiving Property Revaluations

Wayne County Residents Begin Receiving Property Revaluations

Wayne County property and land owners have begun receiving their 2025 Real Estate Revaluations.

This process, mandated by North Carolina law, is essential for distributing the tax burden fairly among property owners.

While the revaluation adjusts assessed property values, it does not directly determine your property tax bill. That is set separately by elected officials during the annual budget process.

Why is Revaluation Necessary?

Revaluations are conducted to ensure fairness in property taxation. Market conditions vary across different areas and property types, so property values may increase or decrease at different rates.

The revaluation ensures that each property is taxed proportionately to its current market value.

What Does Revaluation Mean for My Tax Bill?

Although revaluation affects the assessed value of your property, your actual tax bill will depend on two factors: the new assessed value and the tax rate, which will be set separately by local officials.

Therefore, it’s important to note that while the revaluation updates property values, it doesn’t automatically translate to a higher tax bill.

How Are Property Values Determined?

Wayne County’s appraisers use three standard appraisal techniques to assess property values:

  • Sales Comparison Approach: Compares recent sales of similar properties.

  • Cost Approach: Estimates the cost to replace a property.

  • Income Approach: Used for commercial properties, considering income potential.

These techniques ensure that the assessed values are in line with local market conditions.

What if I Disagree with My Property’s Assessment?

If you believe your property’s assessed value is incorrect, you have the right to appeal. There are two ways to appeal: an informal appeal and a formal appeal.

The informal appeal allows you to submit documentation to the Tax Office for review, while the formal appeal involves further steps with the Wayne County Board of Equalization and Review.

The 2025 revaluation in Wayne County is part of a regular process required by law to ensure fairness in property taxation.

By updating property values to reflect current market conditions, the county ensures that the tax burden is distributed equitably among property owners.

If you receive a revaluation notice and feel that the new assessed value is incorrect, you have options to appeal and potentially adjust your assessment.

Stay informed and review your notice carefully to ensure your property value is assessed accurately.

For morre information, visit waynegov.com/2191/2025-Real-Estate-Revaluation.

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