Man, it is the talk of the realtor world right now. Not the lack of inventory. We are talking about the 2020 Wake County property tax reappraisals.
If you hadn't already seen: Wake County released the values for real estate that will be used on the next tax bill. They used to do this every 8 years, but have cut that time in half. Let me tell you.. some of those values went up a lot. Over 100% in some areas.
Tax bills don't go up at the same rate as the value. Just because your tax value went up 100% doesn't mean your tax bill goes up 100%. They do this thing called Revenue Neutral tax billing. It involves math. I took one math class in college, and it went poorly. It's enough just to know your tax bill isn't going up in a way that directly correlates with the value. For example, my tax value went up 19%. My tax bill dropped by 1.6%. I will take both of those as a positive.
Wake County has this nifty tool to get an estimate of what your tax bill will be:
It is important to note that right now certain cities haven't posted their information. Knightdale for example. If you enter a Knightdale property, it will only show you your estimated county tax. But this does give a pretty good estimate.
If you are shocked by what your new value is and now have more questions I would love to talk. Maybe you have enough equity to drop that PMI. Maybe it's time to look at doing that home improvement project you have been thinking about. Maybe it's time to think about selling and finding your next investment and dream. I am always available to brainstorm any ideas you may have.