GREENSBORO, N.C. — If you own a home in Guilford County, you probably received your 2022 assessed home value in the mail. The notices went out a few weeks ago and inform homeowners of the current value of their home.
As it states on the notice it is not a bill just an assessed value of your home. The value will however play a role in how much your property tax is and that could climb. The more your home is valued the higher the property tax.
On average home values jumped a whopping 40% since 2017. On average that’s an $82,000 jump in value. What it doesn’t mean is your property tax bill will jump 40% as well.
“Property values have gone up tremendously on the residential front over the last five years,” Guilford County Tax Director Ben Chavis said.
The county commissioners will determine the new tax rate after reviewing the upcoming needs of the county and establishing a budget. Once that is determined the commissioners will set the property tax rate. While there is no guarantee the rate will most likely drop because home prices climbed so much. The message from Chavis is not to panic after receiving the assessed value.
“I think there is a sticker shock involved with the reappraisal,” Chavis said. “We won’t know for a few months what the property tax is.”
Business owners will be receiving their notice in the next couple of months. It is similar in the respect that the assessed value does not mean your property taxes will jump the same percentage that the value of the property did.
If you disagree with the assessment you can challenge it and have the property reappraised.
