Residents of Johnston County recently received their 2025 Property Revaluation Notices, sparking a wave of questions and concerns. Here’s a breakdown of what this revaluation means and how it impacts you as a future property owner.
1. What Is a Property Revaluation?
In North Carolina, counties are required to reappraise all real property at its true market value every 8 years, though Johnston County has opted for a shorter 6-year cycle to keep valuations more current. The last revaluation occurred in 2019, and the new valuations are effective as of January 1, 2025.
The updated values reflect what the County believes is the market value of your property as of this date. It’s important to note that the notice current homeowners received is NOT a bill; instead, it serves as a preliminary step in calculating property taxes for the coming year.
2. Why Did Johnston County Property Tax Values Increase?
As a home buyer, no doubt you have seen how home values have increased over the past six years in Johnston County. People moving to Johnston County, rising demand, and an overall increase in market activity have all contributed to this trend.
The revaluation ensures that property taxes are based on current market conditions, rather than outdated assessments from years past.
3. Does the Tax Value Equal What I Will Pay for a Home?
Not exactly. While a property’s assessed value is based on recent sales of comparable properties, the true market value of a home is determined by what you as a buyer is willing to pay. This means the County’s valuation may differ slightly from what you pay for your new home. Before you make your offer, ask your REALTOR® to provide a market analysis (CMA) on the home you want to buy to help formulate your offer.
4. Property Taxes Reflect Market Trends
The revaluation ensures that property taxes align with current market conditions. As a future homeowner, this means your property tax bill will be based on the most accurate and up-to-date assessment of your home’s value.
5. Why This Matters for Budgeting
When purchasing a home, property taxes are an important part of your monthly expenses. Knowing that Johnston County’s tax rate will be finalized in June gives you time to plan your budget accordingly. As your REALTOR®, we can help you estimate potential property taxes based on current valuations and projected rates.
6. Johnston County Home Values Are Increasing
The revaluation reflects the growth and desirability of the Johnston County market. While rising home values mean higher assessments, they also signal a healthy real estate market—a positive sign for your investment as a future homeowner.
7. Lean on Your Johnston County REALTOR® for Guidance
Navigating the home buying process can feel overwhelming, especially when factoring in property taxes. That’s why it’s crucial to work with a knowledgeable Johnston County REALTOR® who will provide insights into market trends, help you evaluate potential tax impacts, and guide you every step of the way.
If you have questions or need personalized assistance, don’t hesitate to contact our expert RiverWILD Real Estate Team. We’re here to help! Together, let’s ensure you’re well-informed and well-prepared.