Property taxes do not have to be a mystery. If you own a home in Cary or plan to buy, understanding how Wake County sets values and calculates bills helps you plan with confidence. In a few minutes, you will learn how assessments work, what a revaluation means, how your bill is figured, and what to do if you disagree. Let’s dive in.
Assessed, market, and taxable value
When you hear “assessed value,” think of the county’s appraisal as of a specific date. In North Carolina, counties assess real property at 100 percent of appraised market value, which means assessed value equals the county’s estimate of market value on the valuation date. You can read more about statewide rules through the North Carolina Department of Revenue and in Chapter 105 of the North Carolina General Statutes.
Taxable value is different. It starts with your assessed value, then subtracts any approved exemptions or exclusions. The taxable value is the number the county uses to calculate your bill.
Why sale price and assessment differ
Your sale price reflects the day you buy or sell. Your assessed value reflects the county’s valuation date, which is set during a revaluation cycle. Markets move between those dates, so it is normal for assessed value and a recent sale price to differ. After a sale, the county updates records for future revaluations, but taxes for the current year are based on the current assessed and taxable values.
Wake County revaluation overview
Wake County periodically revalues real property to keep assessments in line with market conditions. The county sets a valuation date, studies recent sales, updates property data, and calibrates values by neighborhood and property type. Owners receive a Notice of Appraised Value before values are final.
Check the current schedule, valuation date, and review steps on the Wake County Tax Administration website. Your notice will list the valuation date and your deadline to request a review or file an appeal.
What you can expect in Cary
- A mailed Notice of Appraised Value when the county completes a revaluation or makes a significant change to your parcel.
- A clearly stated valuation date that anchors the county’s analysis.
- An opportunity to request an informal review followed by a formal appeal window. Deadlines appear on your notice and on county pages.
How tax bills are calculated
Your property tax bill adds up the rates for every taxing jurisdiction that covers your parcel. For most Cary homes, that includes Wake County, the Town of Cary if you are inside town limits, Wake County public schools, Wake Technical Community College, and any fire or special service districts. Each year, county commissioners and local councils adopt rates for the new fiscal year.
Here is the basic formula in plain language:
- Tax owed = (Assessed value − exemptions) × total rate as a decimal
- If rates are stated per 100 dollars of value, use this version:
- Tax owed = (Assessed value − exemptions) ÷ 100 × total rate per $100
Where you live within Cary can change the total rate because parcels sit in different overlapping tax districts. You can explore tax district information and current rates by starting at the Wake County Tax Administration site.
Simple math example
- Assessed value: $400,000
- Combined rate: $1.20 per $100 of value
- No exemptions
Tax owed = $400,000 ÷ 100 × $1.20 = 4,000 × $1.20 = $4,800.
If a $25,000 exemption applies, taxable value becomes $375,000. Tax owed = 3,750 × $1.20 = $4,500.
Revaluation itself does not change the tax rate. If assessed values go up and rates stay the same, your bill will rise. Local governments may adjust rates during their annual budget process.
Appeals and relief options
If your notice arrives and the value does not look right, you have options. Wake County uses an informal review period first, followed by formal appeals to the Board of Equalization and Review. Details and timelines are listed on your notice and on the Wake County website.
Step one: review and informal appeal
- Compare your notice to the county’s property record card for your parcel. Confirm square footage, bedrooms, baths, acreage, and any permits that might have changed the home.
- Gather comparable sales near your home that closed close to the valuation date. Include photos and notes on condition if repairs are needed.
- If the data is off or the value seems out of line with similar homes, request an informal review by the deadline on your notice.
- If unresolved, follow the formal appeal instructions to the county’s Board of Equalization and Review. Missing deadlines can forfeit your rights for that cycle.
Exemptions and special valuations
Some owners can lower taxable value through exemptions or relief programs. Wake County administers programs such as disabled veteran exclusions, elderly or disabled relief, historic property valuations, conservation or agricultural use valuations, and certain deferrals for financial hardship. Eligibility, application steps, and deadlines vary by program. Start with the Wake County Tax Administration and the North Carolina Department of Revenue for eligibility details. Legal rules live in Chapter 105 of the North Carolina General Statutes.
Quick checklists for owners and buyers
If you receive a revaluation notice
- Read the notice carefully. Note the valuation date and all deadlines.
- Verify property details on the county record card through the Wake County property search and GIS tools available from wakegov.com.
- Compare the assessed value to recent nearby sales that closed close to the valuation date.
- If you disagree, request an informal review right away. Prepare photos, sale comparisons, and any appraisals.
- If needed, file a formal appeal to the Board of Equalization and Review before the deadline.
If you are buying in Cary
- Check the parcel’s current assessed value, taxing districts, and last tax bill using the property search and GIS links from Wake County.
- Budget for potential increases after a countywide revaluation. Ask your lender if your escrow covers possible changes.
- Expect prorated taxes at closing. Buyers and sellers usually split the year’s bill based on the time each owned the home. The contract and closing statement spell out the exact proration.
Official resources
Use these sources to confirm schedules, forms, and current rates:
- Wake County Tax Administration for revaluation updates, appeals, property search, tax district maps, and payment options.
- North Carolina Department of Revenue for statewide property tax guidance and forms.
- North Carolina General Statutes Chapter 105 for the laws that govern assessments, appeals, and exemptions.
Get local guidance in Cary
Property taxes affect your monthly budget and your long-term plans. If you want help estimating a future bill, understanding your notice, or confirming taxing districts before you buy, our team is here. Reach out to Live Raleigh for clear, local guidance. Let’s connect and schedule a free consultation.
FAQs
How often does Wake County revalue property?
- Wake County sets its own multi-year revaluation schedule within state rules. Check the current schedule and valuation date on the Wake County Tax Administration website and on your mailed notice.
What is the difference between assessed value and sale price in Cary?
- Assessed value is the county’s estimate of market value as of a specific valuation date. A sale price reflects what a buyer paid on the closing date, which can differ due to changing market conditions and timing.
Will a Wake County revaluation raise my Cary tax bill?
- A revaluation updates assessed values. Your taxes increase only if your assessed or taxable value rises and adopted tax rates do not drop enough to offset the change. Rates are set during the annual budget process.
How do I appeal my Wake County assessment?
- Start with an informal review by the deadline on your notice, then file a formal appeal with the Board of Equalization and Review if needed. Instructions and forms are available from Wake County.
What tax exemptions are available to Cary homeowners?
- Wake County and North Carolina offer programs that can reduce taxable value for qualifying owners, including disabled veteran exclusions and elderly or disabled relief. Review eligibility on the NCDOR site and through Wake County Tax Administration.
Where can I find my Cary property’s assessed value and taxing districts?
- Use the Wake County property search and GIS tools linked from wakegov.com to view your parcel’s record card, assessment history, and tax district information.
