The opinions expressed in this piece are solely the author’s and do not necessarily reflect the views of Carolina Journal or its publisher.
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…