When it comes to land, houses, buildings and other items in Guilford County that are subject to property taxes – well, there’s now more than $55 billion worth of it.
That value has climbed nearly 50 percent over the last decade and, with new businesses coming in and more homes being built, there’s every reason to expect that number will keep climbing.
That $55 billion and change makes up the county’s tax base and that’s one reason the Guilford County commissioners have given themselves permission in recent years to spend money any time a proposal comes before them.
As long as the tax base is increasing – with new houses and new buildings being built, and by the values of existing structures and land increasing – the county commissioners have an opportunity to get their hands on many millions in new revenue each year without having to raise the tax rate.
The actual total value of real estate in Guilford County is greater than the $55 billion tax base because many properties in the county, such as schools, government-owned land, qualifying churches, etc., are exempt from property taxes and not included in the county’s tax base.
Ten years ago, in fiscal year 2013-2014, Guilford County’s tax base was $36.9 billion. In fiscal year 2014-2015, it increased to $37.3 billion and grew to $37.6 billion the following year. The value increased yearly and hit $43.3 billion in fiscal year 2021-2022.
The value of the tax base then shot up over $10 billion to $54.5 billion after a countywide revaluation of property took place at a time when housing and other real estate prices were sky high.
Though that $54.5 billion was the assessed value, subsequent sales of real estate in the county showed that number was significantly lower than the actual values so the county is being forced by state law to conduct a new early appraisal of all the real estate in Guilford County by 2026. That will mean even higher tax bills for most county property owners even if the tax rate remains unchanged.
Currently, the estimated actual value of the county’s tax base is $55.3 billion.