Raleigh, NC – I know firsthand how skyrocketing property taxes are undermining the American Dream for current and future generations. Revaluation-fueled increases in property tax bills are blowing up family budgets in Cabarrus County and across North Carolina. This forces many to choose between paying their tax bills and putting food on the table. It’s time to act decisively: a constitutional amendment to cap annual and lifetime increases on the taxable value of primary residences.
Let’s start with the facts. Revaluation-based property tax increases are essentially a tax on unrealized gains — hard stop. Next, North Carolina’s property taxes, while lower than national averages, have seen dreadful trends in recent years. The state’s average effective property tax rate stands at about 0.73%. However, this masks the pain of rapid escalations driven by booming real estate markets and periodic revaluations.
From 2012 to 2019, home prices in North Carolina grew moderately at 2-6% annually. But post-pandemic surges have accelerated this to double digits. In Wake County, for instance, property values rose an average of 51% between 2020 and 2024. This led to higher tax burdens even if rates remained flat. This is a problem statewide. This isn’t just statistics — it’s families facing displacement as taxes outpace cash flow. It’s an armed confrontation extorting more money from people on a fixed income; pay or else. It’s the wind driving us toward an entirely avoidable crisis.
Cabarrus County exemplifies this crisis. As one of North Carolina’s fastest-growing areas, my county has experienced explosive population increases, driving up property values and, recklessly, taxes. Department of Revenue data shows that Cabarrus County’s property tax rate has moved between 0.74 and 0.576 cents per $100 of valuation in recent years, but the real sting comes from reappraisals, massive government budgets, and “special” projects…