The city of Greensboro has the highest property taxes amongst metro areas in North Carolina. For those looking to buy in the area, this high property tax rate might seem intimidating. So, let’s see how the city’s taxes stacks up against other cities and factors.
Greensboro vs. Other North Carolina Cities
Greensboro’s property tax rate can be broken down into two separate numbers, county taxes and city taxes. The county tax rate for Guilford county, in which Greensboro is located, was 0.77 for the 2015 tax year, while the Greensboro city tax rate was 0.6325. This combined for a city tax rate of 1.4025, or $2,104 on a $150,000 home.
For comparison, other major metro areas in the state came in with the following tax rates:
- Durham: 1.3843 (0.7931 county/0.5912 city)
- Charlotte: 1.2844 (0.8157 county/0.4687 city)
- Winston-Salem: 1.2568 (0.7168 county/0.5400 city)
- Raleigh: 0.9818 (0.5780 county/0.4038 city)
This makes the property taxes on the same $150,000 home value $28 lower in Durham than in Greensboro at $2,076, $177 lower in Charlotte, $219 lower in Winston-Salem, and a whopping $631 lower in Raleigh.
Greensboro vs. Major U.S. Cities (of Similar Size)
How Greensboro stacks up against other cities in North Carolina does does not provide the full picture when it comes to property tax rates. Only Durham and Winston-Salem are similar to Greensboro in terms of population, with Charlotte and Raleigh both considerably larger. So, to get a better idea of how Greensboro stacks up against other cities its own size, let’s compare the city to those closest to it in terms of population, two that are slightly larger – Anchorage and Cincinnati – and two that are slightly smaller – Newark and Plano.
Before we can get into the different tax rates of the following cities, it’s essential to understand the “mill rate,” the rate by which property taxes are calculated in states like Alaska and Ohio. A “mill” is a term that equates to $1 for every $1,000. So, if the rate is 5 mills, property tax is calculated at a rate of $5 for every $1,000 of assessed value of a home’s value. For a $100,000, the rate would be $500.
Anchorage, Alaska
- Property mill rate: 14.54
- Property tax payment ($150,000 home): $2,181
Cincinnati, Ohio
- Property mill rate: 6.5
- Property tax payment ($150,000 home): $975
Newark, New Jersey
- Property tax rate: 3.309
- Property tax payment ($150,000 home): $4,964
Plano
- Property tax rate: 2.2345
- Property tax payment ($150,000 home): $3,351.75
As you can see, when compared with cities of comparable size, Greensboro fairs pretty well in terms of property taxes.
Yearly Household Expenses Comparison
When it comes to the cost of metro living in North Carolina, Greensboro’s high tax rate leaves a lot of substantial information out, such as home values. While Greensboro has the highest property tax rate in the state, it also has some of the least expensive homes. When compared with the other major metro areas with lower tax rates, only Winston-Salem comes in with lower property values, while homes in Raleigh, Durham, and Charlotte come in with considerably higher values.
The cities’ rounded median home values, according to the United States Census Bureau, by rank:
- 1. Raleigh ($205,000)
- 2. Durham ($178,000)
- 3. Charlotte ($170,000)
- 4. Greensboro ($148,000)
- 5. Winston-Salem ($140,000)
Calculating property taxes using median home values, yearly output for residents of each city looks different.
Raleigh
- (Median home value of $205,000 x 0.9818 tax rate) = $2,013
Durham
- (Median home value of $170,000 x 1.3843 tax rate) = $2,464
Charlotte
- (Median home value of $178,000 x 1.2844 tax rate) = $2,183
Greensboro
- (Median home value of $148,000 x 1.4025 tax rate) = $2,076
Winston-Salem
- (Median home value of $178,000 x 1.2568 tax rate) = $1,760
While those numbers clearly show a different picture than property tax rates alone, the other differences between property expenses in North Carolina’s big cities shows an even greater discrepancy. Additional annual fees for the counties and cities, including utility and service fees like water, sewage, and trash, are not taken into account with property taxes. Here’s how Greensboro stacks up.
- Greensboro: $453
- Durham: 658
- Charlotte: $757
- Raleigh: $855
- Winston-Salem: $453
Add additional fees to the property taxes based on median home values in each city, and the ranking of how much “tax” you will pay on a property in these five major North Carolina metro areas ranks like this.
- 1. Durham ($3,122)
- 2. Charlotte ($2,940)
- 3. Raleigh ($2,868)
- 4. Greensboro ($2,529)
- 5. Winston-Salem ($2,213)
While it’s always wise to check into property taxes when selecting an area in which to buy your next home, it’s important to keep in mind that tax rates alone do not give the complete picture. The median home value in Greensboro lower, more properties are also likely to hit the real estate market with prices that come in below those in Durham, Charlotte, and Raleigh. You may pay a higher tax rate, but that doesn’t mean you will actually pay more taxes. Plus, you’re mortgage payment is going to be lower with a lower-priced home, bringing the cost of Greensboro down to one of the lowest of major metro areas in the North Carolina.
2 Point Highlight
How Greensboro stacks up against other cities in North Carolina does does not provide the full picture when it comes to property tax rates.
When it comes to the cost of metro living in North Carolina, Greensboro’s high tax rate leaves a lot of substantial information out, such as home values. While Greensboro has the highest property tax rate in the state, it also has some of the least expensive homes.
