Home Buying in Stonewater>Question Details

Pamelawornex, Renter in Glen Burnie, MD

If reselling a home less than originally purchased does taxes reduce on property as well

Asked by Pamelawornex, Glen Burnie, MD Sat Aug 24, 2013

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6
Tax assessments in the Cary area are done every 8 years. The last assessment was done in 2008. The next assessment will be 2016. So when selling a home the tax assessment is not changed.
0 votes Thank Flag Link Sat Aug 2, 2014
Hi Glen,

When you are selling real estate the tax value is fixed until the property is reassessed. A property owner can appeal the assessed value which takes some time and a bit of an investment. I have seen some success, however, I have also seen some disappointment with the process. No is likely the answer.

I Just listed a home in Stonewater. I am holding it open this weekend. Your welcome to stop by if you would like to continue the discussion.

Open House: 515 Panorama Park Place Cary, NC 27519 11am-5pm Saturday

All the best,

Martin Roberts
Realtor / Group Leader
Martin Roberts Group
RE/MAX Preferred Associates
Since 1995
Cell: (919)426-6722
Fax: (919)268-4041
http://www.martinrobertsgroup.com
martin@martinrobertsgroup.com
0 votes Thank Flag Link Fri Aug 1, 2014
Hi Glen;

Unfortunately NO, a lower sales price does not automatically reduce the Tax assessors appraised value. There is a process for appealing the tax assessed value but it is expensive with no guaranteed outcome, even after following all the steps they put in front of you, they will “consider the appeal”. If you would like to discuss this further I would be happy to explain it to you.

Also, if you have a home to sell, I have been selling homes in less than 1/3 the time as the average agent and for more money.

Jim Bartlett
919.961.1238
Real Estate Broker
"Simplifying Real Estate"
http://www.caryhomeseller.com
Keller Williams Realty - Cary
0 votes Thank Flag Link Sat Aug 24, 2013
Simply NO, property tax assessments are usually redone every 5 years based on market value not what you buy or sell a home for. The owner can always seek an abatement to reduce the assessed value
0 votes Thank Flag Link Sat Aug 24, 2013
No. In North Carolina counties are required to reevaluate properties every 8 years, and may do so every 4. Because of the recession most counties, including Wake, postponed revaluation to 2017. You might be able to appeal during the first months if each year but I would not count on doing that successfully. You should contact Wake County for details on that process.
0 votes Thank Flag Link Sat Aug 24, 2013
Not exactly but would have to be lowered via an assessors judgement
0 votes Thank Flag Link Sat Aug 24, 2013
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