2024 Annual Comprehensive Report

Property tax collections for the current City levy amounted to $265,137,706. 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 2024 budget is $.6725 per $100 valuation, a $0.04 increase from the adopted rate of FY 2023. The FY 2024 budget was adopted with $0.010 directly recorded in the Housing Partnership Fund and $.035 for transit-related purposes.

2024

2023

2022

2021

2020

General Fund

$.6275 $.5875 $.6206 $.6206 $.6156

Economic Development Housing Partnership

.0000 .0100 .0350

.0000 .0100 .0350

.0000 .0069 .0350

.0000 .0069 .0350

.0050 .0069 .0350

Transit Authority Total Tax Rate

$.6725 $.6325 $.6625 $.6625 $.6625

The local option sales tax collection amounted to $84,279,792 as compared to the previous year's collection of $82,246,041, an increase of $2.0 million or 2.5% from last year in the governmental funds, however, we note a 88.5% gain in the ten year trend for this revenue source. In FY 2023, the City also allocated $2 million to the Transit Fund, which did not occur in FY 2024. Guilford County uses the “a valorem” (property tax) method to distribute its allocated sales tax receipts to municipalities within the County and as a result, sales tax receipts for Greensboro may fluctuate from year to year, depending on the proportion of property tax levies of each of the municipalities within the County, compared to the total collected. Local option sales taxes represent approximately 21.2% of overall general fund revenues in FY 2024. The total sales tax rate in Guilford County is 6.75% with 4.75% charged for the general state rate and 2.00% charged for the local option. The local option sales tax currently in effect is distributed by the State to the County as follows, with subsequent distribution to Greensboro and the other municipalities in the County, based on the “ad valorem” method: Article 39 (1%) Point of Origin Article 40 (1/2%) Per Capita Article 42 (1/2%) Point of Origin Greensboro’s occupancy tax collection of $5,891,907 has increased 52.3% over the ten-year period ending June 30, 2024 and 0.4% increase from the prior year. The increase is the result of additional events occurring within the City. Intergovernmental Revenues amounted to $76,291,567 as compared to previous year revenues of $120,802,811. State-shared and grant revenues are a major source of funding for municipal operations and services, with intergovernmental revenues comprising 16.2% of total governmental revenues, as compared to 25.2% in the previous year. This decrease is related to the ARPA funding completion in FY 2023.

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