Title
Resolution to Amend the City of Greensboro and Guilford County Interlocal Tax Collection Agreement Effective for the Current Tax Year (2014)
Body
Department: Legal
Council District: n/a
Public Hearing:
Advertising Date/By:
Contact 1 and Phone: Tom Carruthers, Interim City Attorney, ext 2320
Contact 2 and Phone: Rick Lusk, Finance Director, ext 2077
PURPOSE:
To amend the current Interlocal Tax Collection Agreement between the City of Greensboro and Guilford County to allow each legislative body to set their respective property tax discount rate.
BACKGROUND:
The current Interlocal Tax Collection Agreement between the City of Greensboro and Guilford County began on July 1, 2011 and will expire on June 30, 2016. It provides that the same early payment discount rate will apply to City and County property tax collections. The Guilford County Board of County Commissioners approved lowering the discount rate from 1.0% to 0.5%. On April 15, 2014, the Greensboro City Council considered and refused to lower the City property tax discount rate. The City Council also resolved to amend the current Interlocal Agreement on Tax Collection to allow each body to set their respective property tax discount rate. The NC Department of Revenue has approved this action pursuant to N.C.G.S. 105-360. The City and the County must ratify this amendment in order for the change to be effective for the current tax year (2014).
BUDGET IMPACT:
There is no anticipated budget impact.
RECOMMENDATION / ACTION REQUESTED:
The Legal and Financial and Administrative Services Departments recommend approval of the amended City of Greensboro and Guilford County Interlocal Tax Collection Agreement.