2019 Comprehensive Annual Financial Report (CAFR)

Table VIII Page 1 of 2

Assessed Value and Estimated Actual Value of All Taxable Property Fiscal Years Ended June 30, 2010-2019

Fiscal Year Ended

Total

Tax

Real

Personal Property

Corporate

Assessed Value (a)

Year (b)

Property

Excess

2010

2009

$ 19,650,280,337

$

4,156,861,685

$

541,009,190

$ 24,348,151,212

2011

2010

19,741,417,184

3,958,200,231

520,167,824

24,219,785,239

2012

2011

19,878,341,347

4,071,363,605

506,765,998

24,456,470,950

2013

2012

19,870,291,980

4,275,378,062

515,306,095

24,660,976,137

2014

2013

19,933,608,147

4,967,852,010

521,626,023

25,423,086,180

2015

2014

20,085,442,933

4,635,287,567

552,000,244

25,272,730,744

2016

2015

20,261,492,234

4,791,348,871

617,692,366

25,670,533,471

2017

2016

20,485,403,901

4,953,350,708

637,062,943

26,075,817,552

2018

2017

21,906,898,824

4,928,328,300

671,031,499

27,506,258,623

2019

2018

22,161,110,873

5,093,648,459

688,080,299

27,942,839,631

The City's property tax is levied each July 1 on the assessed value listed as of the prior January 1 for all real and personal property located within the City, other than motor vehicles. Assessed valuations are established by Guilford County at 100% of estimated market value for real property and 100% of actual value for personal property. Public service company (corporate excess) property is certified by the State of North Carolina at 100% of actual value, with no distinction between real and personal property values. Property taxes on registered motor vehicles are collected by the State of North Carolina at time of vehicle registration or within sixty days if the vehicle is purchased from a registered dealer. Collections are then remitted to Guilford County for subsequent distribution to the City. A revaluation of real property is required by North Carolina General Statutes at least every eight years. In February 2014 the Board of County Commissioners of Guilford County approved a change in revaluation cycle from eight to five years. The last revaluation was completed for tax year 2017, effective in FY2018. The next revaluation will occur in 2022. Total direct tax rate is a weighted average rate of all types of City of Greensboro tax rates, based on the applicable portion of the taxable property assessed.

(a)

(b)

(c)

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