If you’re feeling frustrated after receiving your 2025 property revaluation notice, you’re not alone. Many Johnston County homeowners were both surprised and angry by the updated property valuations, but the RiverWILD Real Estate Team is here to help you better understand what’s happening and how this affects you.
Let’s start with the basics:
1. The Notice Received was NOT a Property Tax Bill
The revaluation notice you just received is not a bill. It’s simply an updated assessment of your property’s market value as of January 1, 2025. This updated value will be used to calculate your property taxes for the year, but your actual tax bill won’t be finalized until June 2025, when the County Commissioners and local Town Officials set the tax rate.
Tax bills will be mailed out in late July or early August and will be due in January 2026.
2. Why Did My Property Value Increase?
The revaluation reflects how much your property value has increased over the last six years, not just the past year. Since the last revaluation in 2019, home values in Johnston County have risen significantly due to strong demand, population growth, and market trends.
For historical context:
- Previous revaluations occurred in 2019, 2011, and 2003.
Johnston County recently switched from an 8-year revaluation cycle to a 6-year cycle to ensure property values stay more current with market conditions.
3. Does My New Valuation Mean That’s My Home’s Market Value?
Not exactly. Your assessed value is based on recent sales of comparable properties as determined by the County, but the true market value of your home is ultimately what a buyer is willing to pay.
4. Shouldn’t My Assessed Tax Value Match my Zestimate?
Many homeowners place 100% of their trust in Zillow’s “Zestimate”. A Zestimate is more like a “Guesstimate”. Even Zillow admits their Zestimate could be as much as 10%-20% off. Be smart and ask your REALTOR® to perform a Comparable Market Analysis (CMA) for a more precise estimate of your home’s fair market value, or pay for an appraisal.
5. Will My Property Taxes Go Up?
The new tax rate will be set in June 2025. For the last 3 revaluations, County Commissioners have LOWERED the tax rate. If the Commissioners decide to lower the tax rate enough to maintain the same total tax revenue as last year, you’ll only pay more in taxes if your property’s value increased more than the countywide average.
Here’s the Bottom Line
Your tax bill will not increase by the same percentage as your property’s valuation. So if you’re worried your taxes will double because your property value doubled, take heart—that’s not how it works!
Stay Tuned!
In the second part of this series we will discuss your options for contesting your valuation. Read What to Do if You Disagree With Your Revaluation!