2020 Oakwood Property Valuations

Ian Shields and Peter Rumsey are preparing information on how the 2020 property revaluations affect Oakwood. Watch the listserve for updates or check back here frequently. See our contact information at the bottom of this page. We have also included contact information for other neighborhood realtors.

February 27, 2020 Basic dataPage created

Wake County Revaluation

NEW ASSESSED TAX VALUES ARE NOW POSTED IN THE TAX RECORDS FOR INDIVIDUAL PROPERTIES AND HAVE BEEN MAILED TO PROPERTY OWNERS.

The new value is effective January 1, 2020. Your 2020 tax bill will be based on this valuation multiplied by a tax rate to be set by the County and your municipality (City of Raleigh) next spring. Do NOT use the current 2019 tax rates to figure your 2020 tax bill since the new rate may change from the current rate. For general information about the appeal process, see the information included in the Wake County notice, call the County at 919-856-600, or go to www.WakeGov.com/tax.

Some basic data for your consideration

We have extracted Oakwood data from the downloadable files available from the Wake County Real Estate Data Downloads site. The 2016 valuation data was downloaded on Jan 30, 2020 from file Real_Est_Data_Final_Nov2019.csv. The 2020 valuation data was downloaded on Feb 23, 2020 from file RealEstData02222020.zip

This time round we separated the information for residential zoning (R-10) from that for other zoning such as PD, OX-3, etc. You will find the residentail data first in all data except the raw CSV data which just has the extracted data that we used as a basis for the other formats.

The following summary information will help you put your own data in context.

• The average residential lot size in Oakwood is 0.16 acres. This is a about 1/6 acre
• The average residential lot value is now approximately $273.000.
• Lot values have increased approximately 46% on average since 2016
• The County now values Oakwood lots at over $1.7 million dollars per acre on average. This is $40 per square foot.
• Residential building valuations have risen by approximately 5% wince 2016
• The total valuation (lot plus building) has risen by approximately 23% in the last 4 years.

Ian has prepared 4 files with the Oakwood data. He believes the calculations to be correct, but makes no guarantees. Use the data at your won risk! If you find errors, please let Ian know so he can address the issue.

Additional analysis

Dana Folley wrote up the analysis that she did of her home four years ago against the 2016 Wake County data. This is a step-by-step guide through the valuation process that will help you understand your evaluation. Check this data before deciding to file an appeal.

To Appeal or Not to Appeal?

1. >Make sure to compare the building square feet (sqft) shown in the tax records with the figure shown in an appraisal or listing sheet for your property.
2. Understand that the value per sqft of the difference in sqft between two comparable properties will be substantially less than the “total value including lot”/sqft. 
3. Finished sqft in an attic and basement normally will be worth less than the total value/sqft.

The appeal process is described at Appealing Tax Values - scroll down to the section on real estat. From that site:

Property owners can appeal county appraised real estate values beginning January 1 each year. The deadline for appealing a value is the day the Board of Equalization and Review adjourns, which is usually the first part of April. The only appeal request that can be accepted after the Board adjourns is from a property owner whose county appraised real estate value was changed and notification of the change was not issued until after the Board adjournment date. The appeal deadline for this status is December 31.

Author and realtor contacts