The Greensboro City Council may have a hidden agenda in the 30% property tax hike in City Manager Tai Jaiyeoba’s proposed budget.
Greensboro has long had the highest property tax rate of any comparable municipality in North Carolina.
If the property tax rate is lowered to the neutral income rate of 54.56, that would put Greensboro third in property tax rates for large municipalities in the state.
Maintaining the property tax rate at 66.25 cents would allow Greensboro to remain number 1 in property tax rates among the 10 largest cities in the state.
The cities haven’t passed their 2022-23 budgets, so the comparison is to current tax rates, but unlike Greensboro, it doesn’t appear that any comparable city in the state is planning to raise its property taxes. by 30%.
North Carolina’s largest city, Charlotte, by comparison, currently has a property tax of 34.81 cents.
The second largest city in the state, Raleigh, has a property tax rate of 35.52 cents.
Durham – which is the fourth largest city in the state and if current trends continue will overtake Greensboro in population and be North Carolina’s third largest city long before the 2030 census – has a property tax rate of 53.17 cents.
Winston-Salem, the fifth largest city, has a property tax rate of 63.74.
Fayetteville, the sixth largest city in the state, has a property tax rate of 49.95.
Cary, which is currently the seventh largest city in the state and is growing rapidly, has a property tax rate of 35.00.
Wilmington, the eighth largest city in the state, has a property tax rate of 49.84.
High Point, neighboring Greensboro in Guilford County, is the ninth largest city in the state and has a tax rate of 64.75 cents.
And Concord, the 10th largest city in the state, has a property tax rate of 48.00 cents.
If Greensboro City Council were to lower the property tax rate to the tax neutral rate of 54.56, the rate would still be higher than Charlotte, Raleigh and Durham, but would be lower than Greensboro’s nearest neighbors – Winston-Salem and High Point.
On the other hand, Greensboro should give up its ranking of number one.