State of North Carolina Department of State Treasurer

RICHARD H. MOORE TREASURER State of North Carolina Department of State Treasurer State and Local Government Finance Division and the Local Government Commission Memorandum #1012 JANICE T. BURKE DEPUTY TREASURER April 15, 2004 TO: FROM: SUBJECT: Officials and Certified Public Accountants T. Vance Holloman, Director Fiscal Management Section Management of Cash and Taxes Counties For the Fiscal Year ended June 30, 2003 This publication provides comparative cash and investment and tax levy information of county governments for the fiscal year ended June 30, 2003. As in the past, we have added the county assessment-to-sales ratios and have calculated effective tax rates. (Note: the effective tax rate is calculated by multiplying the county-wide tax rate by the assessment-to-sales ratio.) Providing the effective tax rates should result in a better comparison of tax rates between counties, given those counties are at different points on their revaluation cycles. In addition, the average unit-wide effective tax rates for the last five fiscal years are presented. The statistics provide a range of highest and lowest items within a grouping and the mathematical average. Tax collection percentages and average tax collection percentages are presented for all property, all property other than motor vehicles, and for motor vehicles only. This analysis presents information for the State as a whole and the following population groupings: 100,000 and above; 50,000 to 99,999; 25,000 to 49,999; and 24,999 and below. officials are encouraged to compare their own performances to similar counties and to statewide averages. Such comparisons may identify opportunities for improvement or may indicate improved performances from previous fiscal years. For those counties with below average tax collection rates, collection procedures should be reviewed to determine if more effective means of collection are available. An improvement in tax collection rates provides numerous benefits to counties. It provides more revenues to finance programs, generates additional funds for the investment program, and allows the property tax rate to be lower than it would otherwise have to be. Section 50, Tax Assessment, Billing, and Collection in the North Carolina Department of State Treasurer Policies Manual, provides information on collection procedures. This section is available on our web site at www.nctreasurer.com, under the state and local government link, then the auditing and reporting line. Please contact Ms. Margo Pope, 919-807-2382, if you need to order a hard copy of this section. If you have not ordered a copy of this publication, please contact Ms. Pope. Also, the Institute of Government at the University of North Carolina at Chapel Hill offers courses in tax collection that may benefit tax collectors in carrying out their statutory responsibilities. 325 North Salisbury Street, Raleigh, North Carolina 27603-1385 Telephone: (919) 807-2350 Fax: (919) 807-2352 Website: www.treasurer.state.nc.us An Equal Opportunity/Affirmative Action Employer

Memorandum # 1012 April 15, 2004 Page 2 Given the role assumed in recent years by the counties in billing and collecting motor vehicle taxes for all residents, including those within municipalities, municipal officials should periodically consider consolidating the property tax functions of counties and municipalities. Again Section 50, Tax Assessment, Billing, and Collection, contains a discussion on consolidated property tax functions. In addition, Memorandum #692, Consolidating and Municipal Property Tax Functions and Memorandum #929, Results of Municipal and Survey on Consolidating and Billing of Tax Functions, which discuss joint arrangements utilized by many counties and municipalities, are available from our web site. Consolidating the property tax functions should provide more economical use of equipment, office personnel, supplies, and postage. A single tax billing and collection office would simplify taxpayers efforts to pay and inquire about the status of their taxes. Also, especially for smaller units, a consolidated office should be able to enforce tax collections (attachment and garnishment, levy and foreclosure) at a lower cost. Further, in a cooperative relationship, municipal officials may be able to provide information on delinquent taxpayers that may help collect county taxes due. The statewide and population grouping tax collection percentages over the last five fiscal years are as follows: Average Current Year Tax Collection ages Population Grouping 1998-99 1999-00 2000-01 2001-02 2002-03 Statewide 96.53% 96.53% 96.44% 96.50% 96.33% 100,000 and Above 97.15 97.26 97.16 97.17 97.03 50,000 to 99,999 95.57 95.21 95.32 95.42 95.00 25,000 to 49,999 95.55 95.39 95.07 95.01 95.15 24,999 and Below 94.07 93.93 93.68 94.01 94.12 The statewide tax collection percentage for 2002-03 dropped slightly fromthe previous year. The high tax collection percentages over the last five fiscal years are a good indicator of the quality of county financial management; however, in some individual cases there is still room for improvement. An overall trend that can be noted is that tax collection percentages for counties vary according to population, with the largest counties having the highest tax collection percentages. This trend is consistent for the four preceding years and generally continues to be so. For the current year, the tax collection rate for the 25,000 to 49,999 Population group is slightly higher than the next higher population group. Within each population grouping, there may be substantial variation in collection rates, meaning that not all small counties have lower tax collection rates and vice versa. Average 2002-03 Tax Collection ages Population Grouping Excluding Motor Vehicles Motor Vehicles Statewide 97.43% 86.76% 100,000 and Above 98.02 88.11 50,000 to 99,999 96.33 84.38 25,000 to 49,999 96.35 84.93 24,999 and Below 95.52 82.62

Memorandum # 1012 April 15, 2004 Page 3 The 1997-98 fiscal year was the first year collection rates for motor vehicles and property other than motor vehicles were separately reported. These figures are included in the report because the methods of billing and collecting taxes differ between motor vehicles and other classes of property. The same trend noted for all property is noted for motor vehicle taxes also. Tax collection percentages for counties vary according to population, with the largest counties generally having the highest tax collection percentages. We spoke with tax collectors from those counties that had the higher collection percentages for motor vehicles. Those tax collectors indicated that they send out multiple late notices for vehicle taxes. Some of those counties also aggressively attached the assets and garnished the wages of a delinquent taxpayer. Units that rely solely upon the block upon subsequent year registrations placed with the Division of Motor Vehicles should eventually collect a high percentage of motor vehicle taxes, but their current year collection percentages of motor vehicle taxes will probably be lower. The statewide and population grouping statistics on the unit-wide property tax rates over the last five fiscal years are as follows: Average Unit-Wide Tax Rates (per $100) Population Grouping 1998-99 1999-00 2000-01 2001-02 2002-03 Statewide $.6591 $.6671 $.6520 $.6639 $.6633 100,000 and Above.6749.6882.6601.6738.6786 50,000 to 99,999.6119.6013.6091.6250.6358 25,000 to 49,999.6475.6536.6640.6688.6186 24,999 and Below.6563.6755.6781.6707.6692 The averages shown above for all five fiscal years are calculated on a dollar-weighted basis. For most counties the tax rate is lower in the fiscal years immediately following revaluation. Tax rates usually increase as a county moves through the revaluation cycle, reaching a peak immediately before revaluation. The overall trend shows a mixture of changes in tax rates with a substantial decrease in the latest year for the 25,000 to 49,999 group. Average Unit-Wide Effective Tax Rates (per $100) Population Grouping 1998-99 1999-00 2000-01 2001-02 2002-03 Statewide $.5696 $.5787 $.5728 $.5932 $.5900 100,000 and Above.5909.6019.5989.6182.6148 50,000 to 99,999.5160.5233.5151.5568.5637 25,000 to 49,999.5465.5479.5392.5385.5115 24,999 and Below.5568.5631.5430.5425.5536 The above table shows the effective tax rates. The effective tax rate equals the property tax levy divided by the estimated market value of assessed property. The averages in the above table are also dollar weighted. The above table shows a substantial increase in the 2001-02 year with a slight decrease for 2002-03.

Memorandum # 1012 April 15, 2004 Page 4 The statistics presented in this report were gathered from various sources. The investment earnings, cash and investments, tax collection rates, and uncollected tax amounts were compiled from the 2003 Annual Financial Information Reports (LGC-36 or AFIR) submitted to the Department of State Treasurer. In some cases, financial information comes from the audited financial statements. The assessed valuation, tax rate, and last year of revaluation for each county were compiled from the Assessed Valuation and Property Tax Levies for the Fiscal Year Ended June 30, 2003 reports (TR-1-01) submitted to the Department of Revenue. The N.C. Department of Revenue calculates the assessment-to-sales ratios annually for each county. This ratio is based on a sample of selected real estate transactions within a county and equals the assessed valuation divided by the actual sales price. The county populations were provided by the Office of State Budget and Management and are estimates as of July 1, 2002. The tax rate equivalents and effective tax rates were calculated by the staff of the Department of State Treasurer. The average tax rates in this year s report are calculated on a dollar-weighted average basis. All data included in this report are the most recently available information. If you have any questions concerning this memorandum, please contact John Herron at (919) 807-2397.

Governments in North Carolina Cash and Earnings Tax Rate Next Yr of Re- Assessed Tax -to-sales Tax Rate Excluding Motor Vehicles Amount Tax Rate 100,000 and Above Alamance 136,144 $33,177,797 527,667.0056 2001 / 2009 $9,339,502,625.5000 97.63.4882 97.81 98.80 88.90 $1,021,146.0109 Buncombe 210,550 58,029,510 920,866.0054 2002 / 2006 17,094,857,291.5900 99.38.5863 98.26 98.92 91.73 1,754,684.0103 Cabarrus 140,176 55,129,133 1,328,784.0115 1999 / 2004 11,505,730,561.5600 94.02.5265 97.37 98.23 88.94 1,717,740.0149 Catawba 146,548 93,093,448 2,365,892.0204 1999 / 2003 11,577,580,118.4950 89.23.4417 97.10 98.50 85.25 1,662,891.0144 Cumberland 305,851 121,659,809 1,791,064.0140 1996 / 2003 12,824,467,148.9250 94.03.8698 94.90 97.05 79.82 6,048,756.0472 Davidson 150,799 42,673,132 909,287.0097 2001 / 2005 9,371,378,845.5300 98.39.5215 96.42 96.94 92.43 1,774,878.0189 Durham 233,548 95,237,273 2,432,802.0125 2001 / 2005 19,474,899,616.7530 97.28.7325 97.68 98.40 88.73 3,452,779.0177 Forsyth 314,853 68,103,323 1,301,837.0053 2001 / 2005 24,475,349,337.6920 96.69.6691 97.79 98.52 90.83 3,737,313.0153 Gaston 191,874 48,032,288 609,631.0060 1997 / 2003 10,126,721,337.9183 81.19.7456 94.62 96.13 83.73 5,015,573.0495 Guilford 428,794 171,162,614 4,914,134.0154 1996 / 2004 31,894,214,558.6742 83.19.5609 98.92 99.47 94.20 2,323,651.0073 Iredell 130,362 30,088,194 581,305.0053 1999 / 2003 11,062,717,828.4700 89.47.4205 96.30 97.12 89.23 1,915,331.0173 Johnston 132,660 47,791,740 775,046.0121 1995 / 2003 6,408,403,724.8500 77.25.6566 96.81 98.44 87.73 1,756,704.0274 Mecklenburg 734,365 198,956,858 3,102,094.0045 1998 / 2003 69,004,302,709.8397 87.61.7357 96.48 97.42 86.81 20,507,633.0297 New Hanover 166,072 130,966,525 2,064,411.0122 1999 / 2007 16,988,994,437.6900 93.02.6418 97.79 98.66 87.43 2,599,948.0153 Onslow 152,424 49,400,736 795,052.0140 2000 / 2006 5,670,813,513.6800 97.22.6611 95.75 97.26 84.24 1,645,155.0290 Orange 122,526 40,085,620 506,307.0053 2001 / 2005 9,475,373,019.8300 90.16.7483 98.68 99.17 92.79 1,086,591.0115 Pitt 137,901 41,793,416 572,814.0088 1996 / 2004 6,528,652,540.6800 79.55.5409 92.27 94.12 80.58 3,404,843.0522 Randolph 133,836 38,557,497 948,868.0114 2001 / 2009 8,333,819,683.4800 91.08.4372 97.86 98.97 90.10 856,946.0103 Robeson 125,206 43,170,818 1,101,470.0298 1996 / 2004 3,698,836,651.9100 89.88.8179 87.24 90.09 73.58 4,280,494.1157 Rowan 132,921 32,233,752 729,597.0090 1999 / 2003 8,113,653,722.6350 92.82.5894 96.34 97.35 88.71 1,891,597.0233 Union 138,928 98,069,938 2,133,839.0208 2000 / 2004 10,245,798,517.4705 94.25.4434 97.90 98.64 91.65 1,008,427.0098 Wake 679,510 519,631,852 9,460,502.0144 2000 / 2008 65,697,496,871.5640 92.82.5235 98.31 99.00 91.56 6,515,159.0099 Wayne 113,844 34,508,275 609,158.0139 1995 / 2003 4,370,544,711.7000 74.50.5215 93.62 95.84 81.68 1,949,522.0446 Total $ 2,091,553,548 $ 40,482,427 $ 383,284,109,361 77,927,761 Group Statistics: 100,000 and Above Lowest.0045.4700 74.50.4205 87.24 90.09 73.58 Highest.0298.9250 99.38.8698 98.92 99.47 94.20 Average.0106.6786 90.60.6148 97.03 98.02 88.11 Page 5

Governments in North Carolina Cash and Earnings Tax Rate Next Yr of Re- Assessed Tax -to-sales Tax Rate Excluding Motor Vehicles Amount Tax Rate 50,000-99,999 Brunswick 79,054 $69,257,709 852,662.0078 1999 / 2003 $10,869,982,673.5925 81.22.4812 94.42 95.60 75.36 $3,539,795.0326 Burke 89,354 16,494,211 346,698.0070 2001 / 2005 4,933,961,617.5900 93.36.5508 94.55 95.68 85.92 1,576,472.0320 Caldwell 77,926 10,078,954 158,650.0038 2001 / 2005 4,229,803,653.5839 89.77.5242 94.44 95.72 85.36 1,368,681.0324 Carteret 60,064 16,574,463 311,303.0042 2001 / 2005 7,330,795,475.4200 94.04.3950 96.54 97.28 85.58 1,072,282.0146 Chatham 52,582 26,294,913 451,408.0098 2001 / 2005 4,613,386,409.6464 94.40.6102 97.00 97.77 88.31 906,485.0196 Cleveland 97,271 33,894,118 982,019.0196 2000 / 2005 5,010,845,799.6200 85.10.5276 94.20 95.91 82.24 1,802,618.0360 Columbus 54,890 16,101,859 208,941.0083 1997 / 2005 2,510,912,154.7800 81.09.6325 89.97 92.67 73.16 1,967,252.0783 Craven 91,902 28,841,015 467,558.0087 2002 / 2010 5,401,986,688.5800 100.00.5800 97.12 98.37 88.24 904,887.0168 Duplin 50,612 19,188,788 1,262,885.0476 2001 / 2009 2,652,532,746.7050 91.09.6422 92.70 94.67 76.94 1,365,183.0515 Edgecombe 54,945 10,866,502 505,850.0207 2001 / 2009 2,446,958,666.9100 87.10.7926 90.73 92.90 76.45 2,099,005.0858 Franklin 50,326 17,684,820 357,237.0150 1998 / 2004 2,374,165,684.9995 74.14.7410 95.64 97.28 85.34 1,034,242.0436 Granville 51,540 22,298,157 403,593.0145 2002 / 2010 2,787,692,943.6350 100.00.6350 94.73 96.25 84.13 949,174.0340 Halifax 57,105 23,356,304 302,486.0114 1999 / 2005 2,645,787,877.7850 86.45.6786 95.64 96.83 86.26 920,512.0348 Harnett 96,152 34,188,752 811,996.0219 1997 / 2003 3,709,507,371.7600 85.77.6519 93.54 95.87 80.51 1,858,858.0501 Haywood 55,114 15,000,061 146,977.0032 2002 / 2006 4,585,590,848.6100 100.00.6100 95.97 96.94 85.48 1,121,450.0245 Henderson 92,988 20,189,938 375,997.0050 1999 / 2003 7,532,686,986.5000 85.88.4294 96.79 97.95 86.19 1,205,119.0160 Lenoir 59,294 16,498,753 415,636.0131 2001 / 2005 3,165,272,289.7500 99.60.7470 93.20 94.73 82.12 1,611,729.0509 Lincoln 66,598 27,042,668 439,596.0097 2000 / 2004 4,535,946,922.6200 89.68.5560 96.35 97.06 90.87 1,034,476.0228 Moore 77,424 19,309,494 466,365.0085 1995 / 2003 5,456,186,010.5450 78.00.4251 98.23 99.11 91.76 545,963.0100 Nash 89,185 35,582,498 530,744.0103 2001 / 2009 5,155,990,005.6600 91.84.6061 96.16 97.43 87.76 1,307,230.0254 Rockingham 92,589 43,887,392 1,005,565.0192 1999 / 2003 5,242,274,077.6900 85.22.5880 96.75 98.06 87.48 1,184,683.0226 Rutherford 63,345 17,460,086 672,782.0173 2002 / 2007 3,882,380,208.6200 96.90.6008 95.64 96.78 83.00 1,068,064.0275 Sampson 61,768 17,440,337 258,040.0102 1995 / 2003 2,519,747,414.7500 72.00.5400 94.21 96.24 83.63 1,096,186.0435 Stanly 58,974 17,769,562 418,103.0119 2001 / 2005 3,522,908,510.6675 95.42.6369 95.45 96.12 90.34 1,072,558.0304 Surry 72,028 14,534,823 379,063.0092 1999 / 2004 4,141,289,281.6400 90.00.5760 95.05 96.52 84.80 1,306,349.0315 Wilkes 66,660 14,657,237 266,290.0070 1998 / 2003 3,826,595,877.6550 84.42.5530 94.95 96.54 83.71 1,267,438.0331 Wilson 75,374 32,699,833 580,582.0122 2000 / 2008 4,747,388,176.7200 96.38.6939 91.09 92.08 83.02 3,054,503.0643 Total $ 637,193,247 $ 13,379,026 $ 119,832,576,358 38,241,194 Group Statistics: 50,000-99,999 Lowest.0032.4200 72.00.3950 89.97 92.08 73.16 Highest.0476.9995 100.00.7926 98.23 99.11 91.76 Average.0112.6358 88.66.5637 95.00 96.33 84.38 Page 6

Governments in North Carolina Cash and Earnings Tax Rate Next Yr of Re- Assessed Tax -to-sales Tax Rate Excluding Motor Vehicles Amount Tax Rate 25,000-49,999 Alexander 34,224 $7,221,719 87,900.0045 2002 / 2007 $1,972,414,251.4650 99.04.4605 95.17 96.30 87.91 $448,576.0227 Anson 25,358 5,063,243 160,577.0129 2002 / 2010 1,242,774,088.7760 96.03.7452 94.68 95.67 87.90 533,725.0429 Beaufort 45,672 13,445,442 137,419.0042 2002 / 2010 3,270,778,417.6575 100.00.6575 93.17 94.29 83.61 1,467,338.0449 Bladen 32,656 13,103,501 258,499.0148 1999 / 2007 1,743,751,260.8425 83.56.7040 93.51 95.67 78.00 954,357.0547 Cherokee 25,080 6,492,699 107,802.0078 1996 / 2004 1,374,548,254.5700 65.50.3734 93.00 94.66 81.67 542,993.0395 Dare 32,177 65,405,795 1,986,005.0358 1998 / 2005 5,541,113,374.5400 68.54.3701 97.90 98.39 88.57 628,062.0113 Davie 36,770 17,987,317 389,458.0137 2001 / 2005 2,851,886,714.5900 95.88.5657 96.10 96.80 90.23 664,883.0233 Hoke 36,000 10,772,125 128,366.0101 1998 / 2006 1,275,919,099.7400 91.75.6790 93.73 93.79 93.29 699,283.0548 Jackson 34,132 15,993,536 264,876.0073 2000 / 2004 3,618,148,524.4800 81.00.3888 95.66 96.54 83.20 759,323.0210 Lee 49,810 14,589,652 338,891.0112 1995 / 2003 3,022,898,185.7800 75.25.5870 94.99 96.37 84.99 1,181,505.0391 Macon 30,936 NR * NR NA 1999 / 2003 3,979,408,946.4400 83.85.3689 96.45 97.17 86.69 604,262.0152 Martin 25,082 21,405,380 569,786.0376 2001 / 2009 1,516,184,077.7850 93.68.7354 92.49 94.29 76.61 896,017.0591 McDowell 42,960 8,012,136 161,343.0088 1995 / 2003 1,833,672,768.6375 65.75.4192 95.61 97.28 86.62 518,558.0283 Montgomery 27,282 9,377,974 101,393.0062 1996 / 2004 1,646,159,088.6100 66.48.4055 96.56 98.29 82.45 346,538.0211 Pasquotank 35,816 12,890,761 218,374.0150 1998 / 2006 1,456,734,663.8600 80.73.6943 94.46 96.83 79.37 684,307.0470 Pender 43,135 NR * NR NA 1995 / 2003 2,431,084,849.6680 64.50.4309 95.61 97.04 85.37 753,544.0310 Person 36,764 13,851,608 147,811.0049 2001 / 2005 3,020,929,049.6700 95.97.6430 96.96 97.84 87.87 616,998.0204 Richmond 46,721 13,857,843 206,263.0105 1997 / 2004 1,955,228,966.8200 74.53.6111 94.37 95.99 84.11 904,198.0462 Scotland 35,766 8,809,196 137,831.0085 1995 / 2003 1,630,421,370 1.0800 79.48.8584 94.58 96.76 79.45 953,859.0585 Stokes 45,355 4,543,113 93,495.0038 2001 / 2005 2,460,817,279.6200 82.50.5115 94.62 96.14 85.03 862,561.0351 Transylvania 29,400 30,194,842 389,493.0109 2002 / 2010 3,585,902,607.4600 99.66.4584 96.21 96.62 91.23 628,050.0175 Vance 44,378 5,804,150 75,198.0037 2000 / 2008 2,030,717,325.8800 84.02.7394 91.04 91.95 84.93 1,610,077.0793 Watauga 42,892 22,984,433 296,746.0056 2002 / 2006 5,298,416,031.3700 96.89.3585 97.57 98.04 91.05 480,492.0091 Yadkin 36,958 8,629,116 151,208.0070 1999 / 2005 2,154,388,023.6400 86.06.5508 94.56 96.23 82.40 753,316.0350 Total $ 330,435,581 $ 6,408,734 $ 60,914,297,207 18,492,822 Group Statistics: 25,000-49,999 Lowest.0037.3700 64.50.3585 91.04 91.95 76.61 Highest.0376 1.0800 100.00.8584 97.90 98.39 93.29 Average.0105.6186 82.68.5115 95.15 96.35 84.93 Page 7

Governments in North Carolina Cash and Earnings Tax Rate Next Yr of Re- Assessed Tax -to-sales Tax Rate Excluding Motor Vehicles Amount Tax Rate Below 25,000 Alleghany 10,860 $538,906 78,352.0077 1999 / 2007 $1,020,686,225.5500 79.42.4368 95.89 97.14 86.56 $231,797.0227 Ashe 24,734 7,695,139 164,096.0090 1998 / 2006 1,829,513,832.5800 71.00.4118 93.77 95.23 81.79 664,443.0363 Avery 17,946 8,502,772 84,424.0037 2002 / 2010 2,277,373,087.5300 100.00.5300 96.32 97.63 78.37 414,892.0182 Bertie 19,807 6,378,191 189,732.0232 1996 / 2004 819,329,239.8900 83.16.7401 93.16 94.88 83.36 500,748.0611 Camden 7,328 9,269,619 134,922.0314 2001 / 2009 429,567,997.7500 90.17.6763 94.28 96.11 82.74 187,211.0436 Caswell 23,718 6,075,023 99,464.0093 2000 / 2004 1,067,979,436.6611 92.76.6132 95.01 95.97 86.20 349,759.0327 Chowan 14,304 NR NR NA 1998 / 2006 783,623,172.6900 84.65.5841 NR NR NR NR NA Clay 9,216 3,718,922 57,201.0052 2002 / 2010 1,100,453,596.3700 100.00.3700 96.38 97.02 86.08 149,466.0136 Currituck 19,632 57,963,473 1,362,915.0535 1997 / 2005 2,548,717,557.6200 79.70.4941 96.91 97.56 86.77 491,700.0193 Gates 10,708 2,274,324 36,385.0076 2001 / 2009 477,082,506.8100 95.58.7742 92.52 94.23 81.74 303,508.0636 Graham 8,030 2,737,485 32,901.0052 2002 / 2006 634,429,349.6000 100.00.6000 93.68 95.47 79.67 230,687.0364 Greene 19,471 7,210,937 132,252.0193 1997 / 2005 684,408,130.8500 67.52.5739 91.57 93.05 83.88 495,980.0725 Hertford 23,863 3,472,715 57,256.0062 1995 / 2003 930,206,053 1.0900 77.04.8397 93.49 94.38 88.24 667,559.0718 Hyde 5,846 9,163,665 194,385.0465 1995 / 2003 418,119,818.9500 66.40.6308 90.57 92.25 71.14 373,495.0893 Jones 10,243 7,415,348 101,110.0203 1998 / 2006 497,727,159.7500 93.15.6986 92.56 94.37 80.95 276,806.0556 Madison 19,856 NR * NR NA 1996 / 2004 865,030,766.7700 49.55.3815 91.34 93.95 76.39 547,019.0632 Mitchell 15,934 3,197,280 49,742.0046 2001 / 2009 1,084,783,547.5300 84.62.4485 93.94 96.16 76.56 348,400.0321 Northampton 21,773 5,926,777 88,092.0077 2001 / 2005 1,139,215,951.8800 94.12.8283 94.65 95.92 84.75 547,748.0481 Pamlico 13,024 3,372,262 57,783.0067 1996 / 2004 865,964,365.7445 85.01.6329 95.38 96.56 85.11 297,625.0344 Perquimans 11,607 4,174,218 162,034.0220 2000 / 2008 735,355,429.6100 93.11.5680 94.40 96.35 80.29 255,051.0347 Polk 18,866 426,949 94,482.0060 2001 / 2009 1,587,917,970.5376 89.34.4803 94.40 94.90 89.52 485,770.0306 Swain 13,287 2,853,001 41,012.0077 1997 / 2005 530,008,544.5500 66.57.3661 93.52 95.56 79.40 187,099.0353 Tyrrell 4,170 1,437,746 30,530.0140 1997 / 2005 218,820,482 1.0000 78.25.7825 90.22 92.32 72.50 208,439.0953 Warren 20,000 7,381,530 100,558.0080 2001 / 2009 1,263,101,092.8200 86.60.7101 93.16 94.26 81.56 708,839.0561 Washington 13,600 4,136,763 62,906.0118 1997 / 2005 532,966,299 1.0150 76.00.7714 90.87 93.02 78.60 486,653.0913 Yancey 17,944 2,827,825 48,295.0035 2000 / 2008 1,387,867,284.5000 89.63.4482 94.74 96.30 81.36 352,942.0254 Total $ 168,150,870 $ 3,460,829 $ 25,730,248,885 9,763,636 Group Statistics: Below 25,000 Lowest.0035.3700 49.55.3661 90.22 92.25 71.14 Highest.0535 1.0900 100.00.8397 96.91 97.63 89.52 Average.0135.6692 82.73.5536 94.12 95.52 82.62 Page 8

Governments in North Carolina Cash and Earnings Tax Rate Next Yr of Re- Assessed Tax -to-sales Tax Rate Excluding Motor Vehicles Amount Tax Rate All Counties Statewide $ 3,227,333,246 $ 63,731,016 $ 589,761,231,811 $ 144,425,413 Lowest.0032.3700 49.55.3585 87.24 90.09 71.14 Highest.0535 1.0900 100.00.8698 98.92 99.47 94.20 Average.0108.6633 88.96.5900 96.33 97.43 86.76 Explanation of Column Headings: (1) Amounts are net of unexpended debt proceeds and interest earned thereon. (2) Last year in which all real property was appraised; revaluation was effective on January 1 of that year. Counties are required to revalue property at a minimum of every eight years. Except for revaluations made in year 2003, the year shown for next scheduled general revaluation is the year reported by the county in July, 2003. (3) Assessed valuation is based on real property values that were determined as of January 1 in the year of revaluation. This number is adjusted annually for discoveries, abatements, improvements, and any other changes that materially affect real property values. Assessed valuation also includes personal property, which is valued annually on a calendar year basis and titled motor vehicles which are valued as of January 1 preceding the date a new vehicle registration is applied for or a current vehicle registration is renewed. * - Indicated that the tax collection data was taken from the audited financial statements. Page 9