Guilford County residents will have a chance to share their thoughts on the guidelines that county officials will use during next year’s property revaluation.
A public hearing on the Standard of Values for the upcoming reappraisal will be held at Thursday’s Guilford County Board of Commissioners meeting, which begins at 5:30 p.m. at the old Guilford County Courthouse at 301 W. Market St.
The Schedule of Values sets out the rules and standards the county will use when conducting the reappraisal. A link to the 347-page document is available on the county’s homepage.
Guilford County commissioners are expected to adopt the Schedule of Values at their meeting on October 16. Residents will have until Nov. 17 to bring a challenge against the schedule to the N.C. Property Tax Commission.
The revaluation takes effect on Jan. 1, with property owners scheduled to receive notices of the new values in February.
When asked about the anticipated changes in county property values, Guilford County Public Relations Manager Eddi Cabrera Blanco said in an email that the tax department is “not prepared to release estimates of change at this time.”
Data provided by the Greensboro Regional Realtors Association showed that prices have been trending upward over the last year.
The median price for single properties, a category that includes single-family homes, manufactured homes, modular homes and duplexes, increased from $340,000 to $369,000 between August 2024 and August of this year, a gain of 8.5%.
Prices for condos and townhomes also rose by more than 13% over that same period, from $242,500 in Aug. 2024 to $275,000 this year.
From the start of the year to August, the median price rose 6.2% from $325,000 to $345,000 for single properties. The cost for condos and townhomes decreased by less than 1%, from $250,000 to $248,900.
As with any revaluation year, elected officials in Guilford County, Greensboro and other area municipalities will have to make decisions next year about how, if at all, they will adjust their property tax rates in light of the new values.
In this case, that decision will be coming earlier than usual. Previously, Guilford County was on a 5-year revaluation cycle. But discrepancies between the county’s previous assessed value and later property sales prompted the county to alter that schedule.
That change in the revaluation schedule is required by the state when the ratio of appraised value to sales value falls below 85%. The county’s ratio was just below that figure following the last revaluation.
Blanco attributed the drop in the sales ratio to “the continuing escalation of the real estate market.”
kevin.griffin@greensboro.com
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