Independent Fiduciary Consultant, Economics and Financial Ethics

One who intends to leave others better off for his having existed.

9/20/12

Highly unusual 2012 Guilford County, NC Real Estate Revaluation Outcomes Relative to the County's 2012-13 Budget

According to a repetitively unrefuted independent data analysis of Guilford County's 2012 real estate revaluations:  

Property values for residential homes worth  less than $100,000
fell an average of -6.5% or -$4,581

Property values for residential homes worth between $100,000-$199,999
rose an average of + 1.3% or $1,866.

Property values for residential homes worth more than $200,000
rose an average of +2.6% or $8,443.

6,858 Guilford County homes worth between $250,000 - $299,999
rose an average of 2.9% between 2004 and 2012.

3,028 homes worth between $350,000 - $399,999
rose an average of 2.3%.

1,275 homes worth between $500,000 - $599,999
rose an average of 3.3%. 

420 Guilford County homes worth more than $1,000,000
rose an average of $42,541, or 2.6%, between 2004 and 2012.

It seems as though the highest priced homes took the biggest hit after 2007,  
yet they went up in value more than homes worth less than $100,000.
  
These outcomes seem to contradict what many thought occured after 2007.




Notice the Average Price of Homes around 2004.

The average home price in 2012 was much lower for Guilford County.
Guilford County's 2010-11 actual collected property taxes:
$327,813,564


Guilford County's 2012-13's expected property tax collections:
$348,000,000


Guilford County's 2013-14's projected tax collections:
$393,370,000


Guilford County's 2012-13 proposed budget pre real estate revaluation 

included a 9.5 cent tax increase. 

A later revised budget required a 4 cent property tax increase. 

The final budget included a tax decrease. 

The proposed budget cut much of the county funding for nonprofits 
before most was added back in. 

In March 2012, Guilford County Manager Brenda Jones Fox 
inserted a temporary bonus in a consent agenda 
for county employees retiring,
only after more than 30 years of service. 

When Mrs. Fox announced her retirement in April 2012, 
she stood to recieve another $44,500. 

Mrs. Fox was not fired.

In August 2012, Guilford County's Commisioners voted  
to give Guilford County employees a $250 bonus 
and 40 hours of extra paid-time-off.
  
In May, 2012, Mecklenburg County, North Carolina 
moved to "independently" audit thier 2011 Real Estate Revaluation
after numerous complaints of innacurate real estate values.


Guilford County's unemployment rate went from about 5.5% in 2004
to about 10% in 2012.

I believe the statistical chances of the high end of revaluations going up
while the low end, 
probably about half of which is owned by relatively local investors
goes down as significantly 
is relatively slim to none.

I believe something strange occurred in Guilford County's 2012 revaluation.  

Greensboro, High Point and Guilford County budgets,
all dependent on the revaluation, seem too good to be true.

Please contact Greensboro, High Point and Guilford County governments
and elected leaders for clarification.

George Hartzman

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