GUILFORD COUNTY, N.C. (WGHP) — Guilford County business owners are shocked and worried after seeing their new commercial property values.
Guilford County homeowners likely remember opening property value reappraisals and seeing a major increase, meaning more taxes.
Two local business owners said they hope it won’t put them out of business and they are going to appeal. But if nothing changes, they will be facing some tough decisions about if their work can continue, and if they can sustain all their employees.
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Went up About 80%
“I was shocked, obviously, with our property, my business went up about 80%,” Mike Perdue, owner of Thrifty Appliances, said.
Just about a mile down Gate City Boulevard, the owner of W. Lee Street Tire and Auto Coy Mills is feeling the same.
“I was super shocked, I mean it went up from $197,000 to over $1.5 million,” Mills said.
They are two of more than 15,000 businesses in Guilford County getting new or updated property values.
Guilford County business owners discuss impact of property reappraisals (WGHP)
For Mills, it’s about a 500% increase in value, meaning thousands more a month in taxes. He’s not sure he can afford it and doesn’t want to face closure but says it could be the reality.
“I guess it’s pretty obvious, if they was to stick to something like that, then yes. I mean, we’re gonna have to do something different. I can’t justify that. It’s just me and my son out here working everything; we cannot produce enough money to pay that,” Mills said.
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The two business owners also hope leaders will consider a reduced tax rate on these new values, but for businesses, the increases are so drastic that they worry it may not be enough.
“County Commissioners and City Council can’t neutralize the taxes enough to help offset these numbers. They’re so far out of bounds when a property goes up 520%,” Perdue said.
Fear of Closing
These owners say they also fear that the local business community could be greatly changed and that closures could result from the cost of these appraisals.
“I don’t even know if we can rent it out for enough to pay the taxes on all that…that’s sort of the thing they’re going to be working their butts off just to pay taxes,” Mills said.
Perdue is encouraging other business owners impacted to come to a protest at Thursday’s County Commissioners meeting at 4 p.m. at the Guilford County Courthouse.
Guilford County said they have received over 6,200 appeals. 175 of them are commercial; however, those tend to come in closer to the deadline.
As of Monday, county staff says they have reviewed over 1,200 appeals with recommendation emails going out daily. There is a 15-day window for the appellant to respond, or the appeal is closed.
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