FY 2017-18 FINAL ADOPTED BUDGET

PROPERTY TAX RATE

The property tax rate for the FY 17-18 Adopted Budg- et is 63.25 cents per $100, the same as the adopted FY 16-17 rate. The tax rate is allocated 58.56 cents to the General Fund, 3.50 cents to the Transit Fund,

0.69 cents to the Housing Partnership Fund and 0.50 cents to the Economic Development Fund. The following chart shows the City of Greensboro tax rates since FY 1992-93.

Tax Rates and Valuations

Tax

General

Economic

Housing

Transit

Assessed Valuation

Year

Rate

Fund Development Partnership

Fund

FY 92-93 FY 93-94 FY 94-95 FY 95-96 FY 96-97* FY 97-98 FY 98-99 FY 99-00 FY 00-01 FY 01-02 FY 02-03 FY 03-04 FY 04-05* FY 05-06 FY 06-07 FY 07-08 FY 08-09 FY 09-10 FY 10-11 FY 11-12 FY 12-13* FY 13-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18*

.6600 .6700 .6700 .6700 .5975 .6075 .5825 .5825 .5825 .5825 .6175 .6175 .5675 .5675 .6150 .6350 .6350 .6350 .6325 .6325 .6325 .6325 .6325 .6325 .6325 .6325

.6525 .6550 .6550 .6550 .5845 .5925 .5675 .5675 .5625 .5625 .5975 .5975 .5500 .5475 .5800 .6000 .6000 .6000 .5975 .5918 .5897 .5872 .5872 .5872 .5856 .5856

.0075 .0150 .0150 .0150 .0130 .0150 .0150 .0150 .0200 .0200 .0200 .0200 .0175 .0200 .0350 .0350 .0350 .0350 .0350 .0337 .0334 .0334 .0334 .0334 .0350 .0350

10,000,985,495 10,349,487,033 10,710,087,216 10,883,043,787 13,500,898,700 14,174,257,394 14,842,657,004 15,618,162,283 16,152,476,091 16,658,812,399 16,735,458,323 16,864,364,817 20,958,789,781 21,259,854,794 22,054,637,868 22,594,699,541 24,184,833,849 24,348,151,212 24,219,785,239 24,456,470,950 24,660,976,137 25,423,086,180 25,272,730,744 25,670,533,471 26,212,115,000 27,537,917,000

.0070 .0069 .0069 .0069 .0069 .0069 .0069

.0025 .0050 .0050 .0050 .0050 .0050

* Property Revaluation

The FY 17-18 Budget includes a property tax rate of 58.56 cents for the General Fund. This is the same as the current General Fund property tax rate. The Adopted Budget includes a property tax allocation of 3.50 cents for the Transit Fund, an allocation of 0.69 cents for the Nussbaum Housing Partnership Fund and 0.5 cents (one-half cent) for the Economic Development Fund. These are also the current year tax rates for all three funds. The preliminary FY 18-19 budget is balanced with an overall tax rate of 63.25 cents, the same as the FY 17-18 Adopted Budget.

participation in an improved transit system. The tax was authorized on November 8, 1988, by referendum, in an amount not to exceed 3.5 cents. In FY 90-91, Municipal Service Districts were created for the College Hill and Aycock Neighborhoods, with properties in the two neighborhoods assessed an additional .05 tax levy. In FY 11-12, the College Hill Special Tax Levy was reduced from five cents to one cent. Beginning in FY 04-05 a Business Improvement District was established for downtown Greensboro. A separate tax rate of .08 is set for properties within the district boundaries.

The Greensboro Area Transit Authority Fund tax rate was established in FY 90-91 to begin City

Adopted FY 2017–18 Budget

18