Greensboro, NC -- Property owners in Guilford County may soon be paying more or less in property taxes.
The county is due for a revaluation this year. By law, the county has to revaluate it's tax base every eight years. .
Guilford County Commissioner Chairman Skip Alston said this will affect everyone who lives in Guilford County, even if you don't own property.
"The myth that renters do not pay property taxes is not true. Renters pay property taxes too because if their rent goes up, it's to absorb that cost from the owners," said Alston.
Officials with the Guilford County Tax Department will reappraise every property in the county by March or April.
Alston said the county needs to generates the same amount of money in property taxes as it did last year, so they will take a revenue neutral approach.
If the average home value has gone down, the county will raise the overall tax rate. If the average home value goes up, the overall tax rate will go down.
According to Alston, the new county-wide tax rate will be applied to each new property value. So depending on whether your home is worth more or less, you could pay more or less in taxes.
Alston said they are not anticipating any drastic changes.
"We seem to be in pretty good shape as far as our tax values as far as our homes and businesses are concerned, so it's not anything to be alarmed about at this point, according to our tax director," he said.
Property tax is just one factor in the county budget. Alston said, according to the county manager's wish list for next year, the county could be looking at a $40-million shortfall. He said they are looking at other ways to save money, so they're not just raising taxes.
"We're still looking at ways to become more efficient in county government. We're looking at consolidating some services, consolidating some departments, and consolidating jobs," said Alston.
The new property tax rate will be set in July.
You will have a chance to dispute the values determined by the county. Property owners can get an appraisal done themselves and present that information for consideration.
WFMY News 2