DURHAM, N.C. (WNCN) — New neighbors moving in could mean more money coming out of your pocket.
Durham County is taking a close look at properties for reappraisal.
As people in Durham see more and more properties being built, they’re hoping to see Mayor Steve Schewel address what they see as an issue with more and more people moving to the city.
“We wanted to move out of Cary honestly because it was getting too expensive there,” said Tim Rowland.
Rowland and his wife moved to Durham in 2018. This year, their property is getting re-evaluated and that concerns him.
“There is a lot of new construction,” he said. “You can see that here just up and down the street, there are some large places going in there as well as within a mile or two that are selling for $250,000 to $300,000 so that’s just going to continue to increase the prices as well.”
Houses are being built nearby, which could raise the value of his home, eventually raising the property taxes.
“I understand the dilemma,” said Teresa Hairston, interim Durham County tax administrator.
She tells CBS 17 market values are set by buyers and sellers in the neighborhood.
“By law, we have to set property values based on current market values,” said Hairston.
Although Durham County’s tax rate has gone down over the years, Hairston said people could be paying more taxes because of neighborhood changes.
“Durham County is very popular now,” she said. “So when there is a demand for properties generally the values go up.”
“I don’t know what the answer is,” said Rowland.
He is hoping officials know, or eventually, his family will end up moving again.
“They have to take into account what the market is and what it has historically been so that it doesn’t price people out of the market and start running people off,” he said.
The next Durham County reappraisal will be in 2023 and then every four years after that.