The dramatic rise in real estate prices over the last few years isn’t good for everyone.
However, it turns out that it will be even much better than previously thought for Guilford County government, as county officials finish up the calculations that determine exactly how much additional money the county can get from property taxes due to the 2022 countywide revaluation of all property.
Since virtually every home business and other piece of property in Guilford County is worth more after the 2022 revaluation by the Guilford County Tax Department, new estimates are that the county will pull in an extra $75 million to $80 million in property tax money if the current tax rate is not lowered.
Until recently, county officials were guesstimating that that number would come in closer to $55 million to $60 million. That’s still a very nice bump but now it seems clear the county will have a lot more to spend.
An additional $75 million or $80 million is more than 10 percent of the county’s entire budget, which currently totals about $675 million.
Chairman of the Guilford County Board of Commissioners Skip Alston said current analysis of preliminary revaluation numbers suggest that the additional property tax revenue will be over $75 million and he said that that additional money will give the commissioners an opportunity to do a lot more things without increasing the property tax rate.
That additional money will be collected every year until the next revaluation in four years. Currently, the county is on a five-year revaluation cycle, but several top county officials said the plan is to change that to a four-year cycle. That will likely be done when the county’s 2021-2022 fiscal budget is adopted in June.
Currently, the county’s property tax rate stands at 73.05 cents per $100 of assessed property value. Every one-cent increase in the county’s property tax rate raises roughly an additional $6 million in new revenue. Likewise, a one-cent tax decrease would reduce revenue by about $6 million.
That means that the Board of Commissioners could reduce the tax rate by about 13 cents and raise the same amount of property tax revenue the county did last year.
There are a whole lot of options currently being discussed by the Democratic-majority led Board of Commissioners right now, but keeping the tax rate at the revenue neutral level which would reduce the current rate by about 13 cents, is not one of them.
Guess that will cover inflation.
Old boy skips saying how much more can the money pit fleecy off the taxpayers. Piece of crap slime ball Remember skip Karmas a real bitch
Oh boy, how can this be wasted instead of helping the citizens? Bet there is alot of drool.
Damn blood sucking bastards! Most of the voters will remember this on the next bond referendum! Not sure what they really know about property values but they need to learn more than they think they know!
Chairman of the Guilford County Board of Commissioners Skip Alston said current analysis of preliminary revaluation numbers suggest that the additional property tax revenue will be over $75 million and he said that that additional money will give the commissioners an opportunity to do a lot more things without increasing the property tax rate.
What can Slippery Skip do with $75,000,000? We all need to see his list and keep his feet to the fire.
Revenue Neutrality would likely be the first choice of those that do pay taxes. Look for polls calling for more government, they’ll be dominated by those in government and non-tax paying citizens.
Another great choice would be an adequately funded Police and Sheriffs Department. Or, perhaps we could lower that $1,700,000,000 bond referendum he’s campaigning for.
Spend, Spend, Spend. That is all the Democrats know how to do! Would you ever get enough to pay for all your pet projects that do nothing but line the pockets of yourselves and your cronies? VOTE THM OUT!
Maybe I’m just tired but a few days ago didn’t Skippy say he wasn’t going to do something like this?? I think maybe need a proper stationary rail to run ALL of these idiots out of town. HECK I’ll buy them all one those cute little drinky-poo cups before they take a last walk around town
I live in Oak Ridge. Apparently my house value has increased by 23% (yes, they say it’s up by 23%). I have received no extra income from this development, but my taxes will jump to nearly $3,000. My income has cratered ever since Covid, and I am barely covering our living expenses.
How is this a just tax?
And how is this a fair tax increase?
It isn’t just or fair. You and I can agree on this. With inflation, rising housing costs, and now taxes. I know you call me a democrat but I have always been fiscally conservative.
I have never called you a democrat (or a Democrat), but I’m glad we agree that property taxes are essentially confiscation, since no associated income was received by the victim/taxpayer.
Citizens of Guilford County need to bring legal action against the Commissioners. They keep saying they are not going to increase the tax rate – well DUH!!!! That is just stupid talk since the current rate will result in the $75 – 80 million for the county. The rate needs to be reduced, but if folks just sit back and say nothing, the rate will remain.
“The power to tax is the power to destroy”. Our home is a little 1600sqft rectangle, with a basement and a carport. Many senior pensioners are in our boat. Our tax bill will be more than our original house payment (that included taxes and insurance).
So much for hard work all your life. This 8.5% CPI inflation rate put out by nuestros amigos in Washington is a whopper to to big for anyone to swallow – including those who want to believe it. If you will look at any commodity price chart, you should think 36% inflation rate; that is the amount our govt has increased the supply of cash in circulation. Inflation this most cruel tax of all.
Think I am beating a dead horse? Tell me where I am wrong.
The difference in Col Skip as a good Democrat vs a Good Republican!The Republicans would lower the rate but Skip has tasted the extra money and will wind up giving to one of his pet projects or to someone with no accountability. I have suggested more than once we in Guilford County should vote out every Democrat that shows up on any ballot in the county.
Do you remember in last week’s Rhino paper he said he would lower the county tax by 3% if all agreed to pass his additional 3 percent the commywamted to add onto the county.Which he knew the numbers did not jive.This is a great examlof the crookedness that the Democrats inflict on the hard working people of the county.He(Skip) is one sick Puppy.
Skip said he would only lower the property tax rate by 3% and replace it with a sales tax increase IF THE 1.7 BILLION BOND was PASSED. I assume if it doesn’t pass they will go ahead and institute the 3% property tax as a punishment for us turning down the Bond Issue.
As a property owner, I’d prefer a sales tax to pay for any bond, however, a 3% savings on property taxes in no way offsets a 10-23% property re-evaluation increase meaning the County will get anywhere between 7-20% more in money from our payments. Also, I don’t trust the Commissioners to keep their word based on historical evidence and expect them to continue putting the Bond Issue on the ballot until it passes, whether in part or full, then adding ways to fund it through sales taxes or increased property taxes.
Every time these issues come up people yell about voting out “these Democrats” and then the same people are voted back into office because there are too many uneducated voters who have no clue who or what they are voting for, have no idea how their money is being spent, don’t realize their money is in the game (renters), buy into the misinformation (the “old schools are falling apart”, “do it for the children”), continue to vote just because the names are familiar, are transient voters (college students). More and more Guilford County has become populated by liberal spenders and politicians while fiscal conservatives have trouble getting a clear message out to the people as to how their money is being wasted, misused, and how they are being lied to, all of which has increased the financial burden on their families and caused the recent local housing crisis. Conservatives have got to find a way to use local media to communicate with the people in this County in a clear, direct, truthful way without the rhetoric, name-calling, anger, or divisiveness how the fiscal, regulatory, legal, politically correct, woke policies are hurting their kids, their home finances, their quality of life, their ability to advance and succeed. Until they learn to communicate this message clearly without being mean, just educating voters so they can decide for themselves what they think is right, we are doomed to keep having the same jerks in office over and over and over and over….
My property has it’s value increased by 48%, So if everything stays the same, my taxes will increase by 48%. Thanks a whole bunch Guilford County. You can’t spend the money you have now responsibility, imagine what you will waste it on worthless projects now! Please sign me as SF IPO my real name. Thanks
These @$$#oles can waste all of this on brand blue pork in less than 30 minutes while genuine needs get ignored. Consent Agenda anyone? I’m waiting on Skip’s motion to donate it all to Big Earl’s cash cow museum.