RALEIGH — Homeowners dealing with double-digit property tax increases were in the minds of lawmakers last Wednesday when the House Select Committee on Property Tax Reduction and Reform debated a proposed constitutional amendment that would allow the General Assembly to enact a ”levy limit” on local governments.
A levy is the total dollar amount of property tax revenue a city or county has the authority to raise. A levy limit would cap how much that total can grow year over year, rather than just capping a rate or individual assessment.
The draft amendment does not spell out exact numbers. Instead, lawmakers would need to pass legislation limiting how much total property tax revenue municipalities and counties can raise each year…