Raleigh, NC – North Carolina homeowners are facing a new challenge — one that should be a cause for celebration but instead feels like a financial gut punch. Counties across the state are releasing new property revaluations with eye-popping increases, in some cases pushing home values up by more than 50%. While rising property values signal a strong housing market, they come with a hidden cost: higher property tax bills. And many homeowners simply aren’t prepared.
I recently attended the Piedmont Triad Regional Housing Summit, where housing experts, planners, and policymakers gathered to discuss the pressing issues affecting our region. One theme was clear — housing affordability in North Carolina is under siege from multiple angles, and the ripple effects could be devastating for homeowners, renters, and even local governments.
The primary driver behind these sky-high valuations is simple — there just aren’t enough homes to go around. A limited housing supply has fueled bidding wars, pushing prices higher and, in turn, raising the baseline for property-tax assessments.
But here’s where it gets complicated. Builders and developers, the very people who could boost the housing supply, are pulling back. Why? One major reason is because interest rates remain at stubbornly high levels, making it far more expensive to finance new construction. The result is even fewer homes being built, keeping prices artificially high…