Raleigh, NC, Feb. 18, 2026 — Wake County officials are confronting a growing financial challenge that could influence future budgets, capital plans, and possibly even tax rates: the county’s property-tax base is not growing as quickly as expected.
During Monday’s Wake County Board of Commissioners meeting, county staff reported that taxable property value is coming in roughly $1.5 billion below projections, translating to about $20 million less in property-tax revenue than anticipated for the current fiscal year.
The gap is not tied to declining home values or a sudden slowdown in the local economy. Instead, officials pointed to a combination of appeals, legal tax exemptions, and broader structural pressures on the tax system.
Appeals drive the current shortfall
County staff said the immediate revenue gap is being driven primarily by property-tax appeals filed after the county’s 2024 revaluation.
More than 1,500 appeals were filed with the North Carolina Property Tax Commission, an unusually high number, and many involve large commercial properties. Issued decisions have reduced assessed values by more than $1 billion, with hundreds of cases still pending…