‘Really bad time’: Guilford County residents have property tax issues
GUILFORD COUNTY, NC (WGHP) – Property values are rising in Guilford County. The tax department has reassessed 210,000 properties across the county.
Authorities sent 182,000 reassessment notices to homeowners in late February. The document is not an invoice but an assessment of the estimated value of the property.
Some people have seen the value of their home soar into the thousands of dollars.
“It’s just disheartening right now,” said Caprice Corbett, who worries about her property’s revaluation.
Corbett didn’t expect to find a letter in his mailbox with the current housing market. The value of his house increased by 10% with the new revaluation.
“We just got through COVID, the cost of living is going up, gas and food and everywhere you turn we have to spend more money on everything, and now Guilford County is sending us a reassessment of our property,” she mentioned. “It’s just really bad timing.”
The last time county tax authorities reassessed property values was in 2017 in a very different housing market.
“There have probably been more changes in the market during this period than any other reassessment I’ve been involved in here at Guilford,” said Guilford County Tax Manager Ben Chavis.
Chavis told FOX8 that property values are determined by comparing the home to other homes that have sold in the neighborhood over the past two years.
“It’s really about bringing the property to market value,” he said. “What he would sell from January 1, 2022 on the open market,” Corbett said.
She said county officials should wait for the housing market to correct and prices to drop before moving forward.
“They are [home sellers] encourage bidding wars for their homes, and some people pay $10,000, $15,000, $20,000 more than the asking price and… it’s not going to hold up,” she said. “Maybe put it on hold until we sort of get our feet wet and give the taxpayers some breathing room.”
North Carolina state law requires property values to be reviewed every eight years. Guilford County Commissioners have scheduled it every five years.
“It makes sense to reassess on a shorter cycle to capture those changes, whether good or bad,” Chavis said. “You want to be able to capture those changes and let that tax bill reflect the current market value of that property.”
Chavis told FOX8 if owners disagree with the appraised value to review sales data and property information.
Then, complete an informal review within 30 days of your notice.
Homeowners can also file a formal appeal with the Guilford County Board of Equalization and Review. The deadline for submission is May 16.
Chavis said FOX8 County Commissioners and City Councils will set the property tax rate in June. Homeowners can expect to receive a property tax bill in July.
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