TITLE
Title
APPROVE CONTRACT WITH TAX MANAGEMENT ASSOCIATES, INC FOR BUSINESS & PROPERTY TAX AUDITING SERVICES FOR TAX DEPARTMENT
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SPONSOR
Sponsor
Ben Chavis
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BACKGROUND
Background
The Tax Assessor is required to perform audits annually and may employ them under NC General Statute 105-299, which states the Board of County Commissioners may employ appraisal firms, mapping firms or other persons or firms having expertise in one or more of the duties of the assessor to assist the assessor in the performance of these duties.
On May 14, 2024, Event 20214 went out for bid to solicit business personal property tax auditing services for the Guilford County Tax Department. Bids were received June 6, 2024. The contract was awarded again to Tax Management Associates, Inc. The contract will be for three (3) years, with the option to extend for two (2) additional one (1) year renewals. This is a cost increase of $100 per audit. The cost for the total three (3) year contract term is $954,000 or 400 x $795 = $318,000 annually.
The Fiscal Year 2024-25 budget included $278,000 for this purpose. The additional $40,000 for year one (1) will be identified from existing resources within the Tax department.
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BUDGET IMPACT
Budget Impact
NO ADDITIONAL COUNTY FUNDS REQUIRED
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REQUESTED ACTION
requested action
Approve a price only contract with Tax Management Associates, Inc., in substantial form, for business personal property tax auditing services for the Guilford County Tax Department. The cost for the total three (3) year contract term is $954,000, or 400 x $795 = $318,000 annually, with the option to extend for two (2) additional one-year renewals.
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