Municipal Mismanagement: Why would Guilford County’s Commissioners want to postpone property revaluations after approving borrowing $651 million in 2008 under the misguided assumption that property values and income would rise in perpetuity?

Arnold: Postpone Revaluing

 

…the county looks with dread at 2012. That’s the year commercial and residential properties will again be revalued for tax purposes — and the picture will likely not be as pretty.

 

There’s a simple solution to that, says the vice chairman of the Guilford County Board of Commissioners: Postpone it.

 

“Given the state of real estate in our county and really throughout the state and nation, I’m not sure it’s going to be helpful for us to be revalued now,” Commissioner Steve Arnold said. “Real property value is down everywhere.”

 

…“Historically, we’ve seen a value increase every eight years,” Arnold said. “That’s allowed us to keep our tax-rate revenue neutral, and basically get the same amount of tax revenue without having to raise taxes on property. If those values drop, we’re going to have to raise taxes in order to get that same amount of revenue — and I don’t think most people can afford that.”

 

Joe Killian

Greensboro News and Record, January 12, 2010