Earlier this year, the Guilford County Board of Commissioners discussed the possibility of increasing the amount of savings seen by Guilford County tax payers who pay their property taxes early. Currently, early payers get a discount of a half a percent of the bill, but the commissioners will discuss increasing that percentage at a work session on Thursday afternoon, April 6.
Based on past conversations of the board, the commissioners seem very inclined to increase the discount rate.
In addition, on Monday, April 3, Chairman of the Board of Commissioners Skip Alston told the Rhino Times that he favors the move. Alston almost always gets his way when it comes to the current Democratic-majority board.
The Guilford County Board of Commissioners has scheduled the work session for 3:30 p.m. Thursday in the Carolyn Coleman Conference Room on the first floor of the Old Guilford County Court House at 301 W. Market St. in Greensboro.
The official stated purpose of the work session is to “consider a discount for prepayment of property tax; receive an update on county revenues; review the county’s vision and mission statements; discuss the FY 2023-24 budget; and conduct any other necessary business.”
The commissioners have discussed raising the discount rate for early property taxpayers from a half of a percent to 1 percent of a person’s tax bill. This would undo a move made by the Board of Commissioners in 2014 when the board voted to cut the discount rate from 1 percentage point to just a half point.
Property tax bills in Guilford County are sent out in July each year and the discount on bills is granted to county taxpayers who pay by August 31 or who get their check in the mail with a postmark of August 31 or earlier.
In recent years, about 60 percent of the county’s property taxes have been paid by August 31. The half percent discount creates a roughly $1.4 million drop in revenue.
According to county officials, every additional 0.1 percent of discount results in about $280,000 in revenue loss.
The Thursday work session will be livestreamed on Guilford County’s Facebook page and also broadcast via Zoom.
Copies of the work session agenda will be available for review prior to the start of the meeting at https://guilford.legistar.com/Calendar.aspx. You can contact Deputy Clerk Ariane Webb at awebb@guilfordcountync.gov with any questions.
The clerk’s office can also provide details on how to listen to the meeting via Zoom.
The current 1/2% was a good deal for taxpayers. To keep money in the bank for 4 months and come out ahead, you would have to have a savings account that paid about 2% (1-1/2% plus what you would pay in taxes on the interest earned). Nobody was getting 2% interest. Today you can get 4.5 to 5%. See https://www.investopedia.com/personal-finance/banks-pay-highest-interest-rates-savings-accounts/
Leave the discount at 1/2% and smart people will not pay until the very last minute. Move it to 1% and it’s about a break-even vs. possible interest earned, and those who pay early will continue. leave it at 1/2% and the smart ones won’t.
I still want to know what the county is doing with the additional 30% of tax dollars that they took from us last year with the property value reassessment.
The money that was extorted from ALL the taxpayers goes to the faithful. Compared to 30%, 1/2% is like finding a penny on the pavement.
The electorate that gave us these clowns don’t have a clue.
Wonder if we will ever see a penalty for not paying taxes on time.
B I G deal I’ll, still wait to the last min.
U. R. right! You can get 4% plus on your money locally. Pocket much of the 1/2 year’s interest, and pay on the last day.
Let’s see…..the increase in my county property tax this year is a little over 400. The savings of the extra half a percent for paying five months early is…..12 dollars and 50 cents. Yup I’ll be chomping at the bit to pay early.