2023 Annual Comprehensive Report

Figure 5 Revenues by Source – Governmental Activities

1.2%

1.0%

1.0% 0.3%

Taxes - 64.7%

6.5%

Intergovernmental - 25.2%

Charges for Current Services - 6.5%

25.2%

Licenses and Permits - 1.0%

64.7%

Fines and Forfeitures - 0.3%

Miscellaneous - 1.2%

Investment Income - 1.0%

Property tax collections for the current City levy amounted to $239,998,628. The rate of collection as of the end of the fiscal year was 99.43% for the current year levy, with collections for levies in previous years approximating close to 100%. We expect the collection rate to remain at high levels due to the statewide motor vehicle “Tax and Tag Together” system, implemented by North Carolina effective July 1, 2013. The State of North Carolina now collects property taxes on motor vehicles and remits to the City rather than collected by Guilford County under the old system. The overall property tax rate for the FY 2023 budget is $.6325 per $100 valuation, a $0.03 decrease from the adopted rate of FY 2022. The FY 2023 budget was adopted with $0.010 directly recorded in the Housing Partnership Fund and $.035 for transit-related purposes. In addition, Guilford County performed a property revaluation which resulted in an approximate 24% increase in property values. The adopted tax rate was approximately $.08 above the calculated revenue neutral rate. Tax rates for the current and three preceding fiscal years were adopted, as follows, at the same overall rate, however, different allocations among purposes are noted:

2023

2022

2021

2020

General Fund

$.5875 $.6206 $.6206 $.6156

Economic Development Housing Partnership

.0000 .0100 .0350

.0000 .0069 .0350

.0000 .0069 .0350

.0050 .0069 .0350

Transit Authority Total Tax Rate

$.6325 $.6625 $.6625 $.6625

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