When you buy a home in Irving Park, or anywhere in Greensboro, you’re not just purchasing a roof over your head—you’re stepping into a larger financial ecosystem. One of the most misunderstood (and often overlooked) aspects of homeownership is property taxes.
Sure, they’re bundled into your monthly mortgage payment. Sure, they fund important public services. But what exactly are property taxes? How are they calculated? And how do they really impact your wallet?
Whether you’re a new homeowner, considering a move to Irving Park, or just trying to better understand your yearly tax bill, this post breaks it all down—clearly and locally.
What Are Property Taxes?
At their core, property taxes are annual taxes paid by real estate owners to local government authorities—usually counties or municipalities.
These taxes are a major source of funding for essential public services like:
- Local schools and education
- Fire and police departments
- Road maintenance
- Parks and recreational programs
- Libraries
- Local government salaries and infrastructure
If you own a home in Guilford County, your property tax helps keep these services running for your community—including beautiful areas like Irving Park.
How Are Property Taxes Calculated?
Understanding how property taxes are calculated starts with two key components:
1. Assessed Value
This is the value your county assigns to your home and land for tax purposes. It’s not the same as your market value (what your home would sell for), though it’s typically based on similar data. The Guilford County Tax Department performs revaluations every 5–8 years to reflect changes in the housing market.
🏡 Example: If your home is worth $400,000, and the county assesses it at 90% of market value, your assessed value would be $360,000.
2. Tax Rate (Mill Rate)
Each municipality sets a property tax rate, expressed in “mills”—with 1 mill = $1 per $1,000 of assessed value. In Greensboro, as of 2024, the combined tax rate (city + county) is approximately $1.355 per $100 of assessed value.
🧮 Using our earlier example:
$360,000 (assessed value) ÷ 100 = 3,600
3,600 x $1.355 = $4,878 in annual property taxes
What’s Included in Your Property Tax Bill?
While the core tax rate is set by your city and county, your bill may also include:
- School district taxes
- Special assessments (like neighborhood improvements or stormwater fees)
- Public utility assessments
- Parks and recreation bonds
Your Guilford County bill will itemize these out, but many homeowners don’t fully understand them—especially when they’re bundled into escrow through your mortgage.
Property Taxes in Irving Park: What to Know
Irving Park is one of Greensboro’s most established and beautiful neighborhoods—known for its classic architecture, walkability, and access to amenities like the Greensboro Country Club. But with high home values comes a higher tax responsibility.
🏡 Average Home Price in Irving Park:
Homes often range from $500,000 to over $2 million. At the current mill rate, a $1 million home could generate over $13,550 per year in property taxes.
🎯 Why It Matters:
- Budgeting: Property taxes significantly affect your monthly payment.
- Refinancing & Selling: A higher tax burden may impact appraisals or buyer affordability.
- Equity Building: While taxes don’t go toward equity, they are tied to assessed value, which can grow over time.
How Escrow Works with Property Taxes
Most homeowners don’t write a check for property taxes every year—they’re paid through an escrow account managed by your mortgage lender.
Each month, a portion of your mortgage payment is set aside to cover:
- Property taxes
- Homeowners insurance
When the tax bill comes due (usually twice per year), your lender pays it directly. But here’s the catch: if your taxes go up and your escrow doesn’t have enough funds, your mortgage payment may increase during your annual escrow analysis.
Can Property Taxes Increase?
Yes—and they often do.
Here’s why your property tax bill might go up:
- Property Revaluation: If your assessed value increases during a revaluation, your taxes will too.
- Mill Rate Increase: If the city or county raises the tax rate, your bill will reflect that.
- Home Improvements: Add a new bathroom or finish your basement? That adds value—and raises your assessment.
- School Bonds or Referendums: Voter-approved measures can raise taxes for education or public services.
How to Appeal Your Property Tax Assessment
If you believe your property has been over-assessed, you can file an appeal with the Guilford County Tax Department. Here’s how:
✅ Step-by-Step:
- Review Your Assessment: Compare it to similar homes in your neighborhood.
- Gather Evidence: Recent appraisal, comps, photos of needed repairs.
- File an Appeal: Online or in person during the appeal window.
- Attend a Hearing: Optional, but sometimes beneficial.
- Wait for Decision: If approved, your assessment (and taxes) may be lowered.
Note: This won’t affect your mortgage or insurance directly but may change your escrow payments.
How to Budget for Property Taxes as a Homeowner
Whether you’re new to homeownership or planning to move to Irving Park, here’s how to stay ahead of your tax responsibility:
💰 Proactive Tips:
- Use a mortgage calculator that includes estimated taxes.
- Ask your lender what portion of your monthly payment goes to escrow.
- Plan for increases in reassessment years or after major renovations.
- Check your bill annually for accuracy and updates.
Tax Breaks and Deductions for Homeowners
The good news? You might be able to deduct property taxes on your federal income taxes if you itemize your deductions.
✅ You May Be Eligible For:
- State and Local Tax (SALT) Deduction – Up to $10,000 total for state/local income and property taxes.
- Homestead Exemption – Guilford County doesn’t automatically offer this, but certain seniors and veterans may qualify for partial exemption.
Check with a local CPA or tax advisor to make sure you’re getting every deduction you deserve.
Frequently Asked Questions (FAQs)
❓Q: Can I lower my property taxes without moving?
A: Yes—if you successfully appeal your assessment, qualify for exemptions (senior, veteran, disability), or if your municipality reduces the mill rate.
❓Q: What happens if I don’t pay my property taxes?
A: Unpaid taxes can lead to penalties, liens on your property, and even foreclosure by the county. Most homeowners avoid this by paying through escrow.
❓Q: Why did my mortgage go up even though my loan interest didn’t change?
A: Likely because your property taxes or insurance premiums increased—affecting the escrow portion of your payment.
❓Q: How often does Guilford County reassess property values?
A: Every 5 to 8 years. The most recent revaluation occurred in 2022.
❓Q: Can renovations increase my property taxes?
A: Yes—permits for renovations are flagged for reassessment. Anything that adds livable space or significant value may increase your assessment.
❓Q: Is property tax the same across all of Greensboro?
A: Not necessarily. Each neighborhood may fall under different districts or include special assessments. Always check your specific bill or ask your Realtor.
Final Thoughts: Know Before You Owe
Property taxes are a foundational part of homeownership—but they shouldn’t be a mystery. By understanding how they’re calculated, what affects them, and how they’re used, you can make smarter decisions when buying, budgeting, or even remodeling.
Whether you’re eyeing a historic Tudor on Country Club Drive or a mid-century gem off Sunset Drive, knowing the property tax implications can help you protect your investment and avoid surprises.
At Irving Park Life, we believe that informed homeowners make empowered communities. If you have questions about your tax bill or want a referral to a great local real estate or tax professional, we’re here to help.
Want a personalized property tax review?
Reach out to us at IrvingParkLife.com/contact and we’ll connect you with a trusted local expert.