Wake County Value Reassessment; 2016 Taxable Property Values Expected to Increase Significantly

DALLAS, Oct. 5, 2015 /PRNewswire/ -- Wake County, North Carolina is finalizing assessments for the 2016 revaluation. This marks the county's first opportunity to adjust values since the 2008 reassessment, and the possibility exists for significant increases in value across many commercial property classes.

Ryan has analyzed more than 200 commercial transactions occurring over the three-year look-back period, which Wake County will utilize to establish the new assessment base. Our research suggests that sales prices are significantly higher than prior assessments, meaning taxable values may increase an estimated 8% for industrial properties, 11% for retail, 12% for class A office properties, 18% for class B office properties, 35% for hotels, and 43% for apartments.

Wake County expects to mail assessment notices the second week of December. The values determined in the 2016 revaluation will carry forward through the next reassessment currently scheduled for 2024. In order to minimize property tax exposure, it is critical that all assessments are reviewed in Year 1 of the eight-year cycle.

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Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the seventh largest corporate tax practice in the United States. With global headquarters in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a three-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 2,100 professionals and associates serves over 12,000 clients in more than 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at ryan.com.

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TECHNICAL INFORMATION CONTACTS:

Suzanne Markley
Director Ryan
404.365.0922
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John McClintock
Specialist, Client Services
404.365.0922
[email protected]

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