The purpose of the Schedule of Values is to describe the methodology and procedures for appraising all Wake County real estate at market value (and present use value, as appropriate) at the time of the county's most recent Real Estate Revaluation. The Schedule of Values establishes the base rates and ranges which will be in effect until the next Real Estate Revaluation for all types of property. It also includes the adjustments that may be used for various types of construction and market conditions, and valuations schedules for land.

The tables, rates, and ranges found in this manual are only guidelines; on a property-by-property basis, appraisers have the flexibility to adjust rates in order to appraise individual properties at market value, and to establish equitable and uniform values for all types of property. Real Estate Revaluations are conducted by applying Mass Appraisal techniques, with thorough analysis from appraisal staff and the use of a computer-assisted mass appraisal (CAMA) software system. The sales comparison, cost approach, and income approach to value are all considered when applicable to appraise all real property.