North Carolina: Wake County Tax Rates Increase Substantially for 2023

The Wake County and City of Raleigh 2023 property tax bills have been released, and property owners are being impacted by increases up to 8% in some areas. Value increases are as follows:

• Wake County: .6195% up to .6570%; 6% increase
• City of Raleigh: .393% up to .4339%; 10% increase
• Overall increase for Wake County/City of Raleigh: 7.7%

These increases are taking place in advance of the 2024 county-wide revaluation, when values will reset, and net taxes could potentially increase even further.

The 2023 tax bills are due September 1 but are not considered delinquent unless paid after January 5, 2024. Now is the time to adjust budgets or accruals accordingly. These increases coupled with the upcoming revaluation can have a significant impact on commercial real estate owners and their bottom lines.

The local experts at Ryan can help you navigate the revaluation process and ensure tax minimization strategies are applied. In addition, we proactively help clients budget and are available to assist you with your 2024 budget planning. Our expert tax consultants stand ready to put their extensive experience and resources to work on your behalf.