Understanding Guilford County Real Property Tax Codes
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To the right are the 2009 Guilford County Tax Codes for real estate or real property. I will reference some of these numbers for example purposes.
If you are in the market to purchase a home, you should be aware of the different rates that dictate how you will be required to pay taxes in Guilford County in deciding which areas are suitable for you and your family. The different tax rates will reflect a trade-off in services and amenities. For example, if you would rather have well and septic, pay for your own trash pick up and pay lower taxes, you may want to focus on areas outside of the city. If you want a shorter commute to downtown, prefer city water & sewer and don't mind the corresponding increase in property taxes, then a location within the city limits may be more suitable for you.
The first number in the column to the right corresponds to a tax code found on a property's tax card. if you match this number to the area, you will find your corresponding tax rate. Let's say you live in Greensboro and your code is '01', then you would see that your rate is 1.3724.
Well, what do you do with this number? If you are figuring the property taxes for a specific property, you can take the rate (1.3724) and multiply it by the number of times 100 can be divided into the property's tax value. A $200,000 tax value in Greensboro at a rate of 1.3724 will equate to $2,744.80 in annual taxes.
$200,000 / 100 = 2000. 2,000 X 1.3724 = $2,744.80. So, if you are in the market to buy, you can easily figure what you might be expected to pay by way of taxes on a certain price range of real estate in different areas of Guilford County.
I can't stress enough that tax value has absolutely nothing to do with market value! Tax rates are only assessed once every 8 years, and even then they are not an accurate appraisal of one property's specific market value. When you are shopping for a home, please throw this notion out the window. Use the tax value as well as corresponding rates for assessing a prospective property's tax liability - not its current or past market value.
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