Wake County Revaluation Appeals

Wake County Revaluation Appeals

Monday, 03 February 2020 11:18

Throughout 2020, property revaluation notices are being sent to business owners in numerous counties in North Carolina. Revaluation is how counties determine how much your company’s real property is worth, and therefore, how much property tax you will owe. Companies are often scrambling through the tax season to make sure they cross each “T” and dot each “I”, with revaluation often adding another layer of stress. If you are in one of the counties that are appraising property, such as Wake in central North Carolina, Sharon Lyall CPA can help you make sure you understand all the changes and help you evaluate whether to appeal. 

Why Wake County Businesses May Appeal Their Revelations 

Businesses in Wake County have received their new revaluation notices. Many business owners are shocked to learn their real estate property has been appraised an average of 33% higher than the last time Wake conducted revaluations. Counties typically use mass appraisal techniques to determine the fair tax value of commercial real property; therefore, if you believe your revaluation does not accurately reflect its worth, you can appeal. For Wake businesses, appeals are due on March 1st, so you will want to act fast. 

The appeals process follows these steps:

  • Writing a Letter to the County: Your letter to the county will state that you believe the value of the property is not accurately reflected by the new appraisal. 
  • Begin the Informal Appeal Process: Once the county has received your letter of appeal, you will speak to the appraiser, and attempt to come to a conclusion with which each party is comfortable. 
  • Write a Letter to the Board of Equalization: Appointed by county commissioners, The Board of Equalization (BOE) is a group of community business leaders appointed who offer impartial help to ensure fair property valuations. 
  • Judicial Process: Once you exhaust all other measures; you may decide to bring your concerns to the court system.  

In the midst of tax season, this process may seem daunting. Sharon Lyall CPA is here to help. We work with you to determine whether you should appeal and will walk you through each step. If you have received your Wake County revaluation, or you have other business property tax questions and concerns, contact us.