Guilford County plans to cut its tax rate this year, but that may not translate to lower overall tax bills for residents.
County Manager Victor Isler is proposing a rate of 61.9 cents per $100 of assessed value.
“Which is an 11.5 cent reduction from the prior year and the lowest property tax rate in more than over 20 years," he told commissioners.
Despite the reduction, the average homeowner will still see a tax bill bump of about 16%. That’s because the rate is 8 cents above revenue neutral — or the rate that would keep the county’s tax revenue the same year to year.
UNCG Political Science Professor Hunter Bacot says property values are a key component of the equation — and Guilford’s have increased sharply since the last revaluation.
“If you go to a more rural county, their tax rates are going to be much higher because their property values are much lower overall," he says.
The majority of the revenue generated by the change is earmarked for education. A public hearing on the budget is set for June 4.