A bill which would increase transparency regarding the increase of property taxes is advancing through the Senate.
Statewide levy limits aren’t new or weird. They’ve worked reasonably well in other places for decades. I strongly suspect they’ll work well in North Carolina, too.
Analysts point out a statewide growth trend very similar to that currently garnering so much attention at the county level: NC’s inflation-adjusted spending has exploded.
On March 18, the House Select Committee on Property Tax Reduction and Reform voted in favor of giving further consideration to a bill draft for a constitutional amendment that would require the General Assembly to enact legislation limiting future increases in the property tax levy.
A recent study from the John Locke Foundation found that property tax collections across the state’s 10 largest counties exceeded inflation and population growth by $2.7 billion over the past 10 years.
Unlike other taxes, which fluctuates with economic circumstances or interactions with the market, property taxes are based on assessed values that may have no relationship to a homeowner's actual ability to pay.
The proposed constitutional amendment limits annual taxable value increases on primary residences to the lower of 3% or CPI, and the total increase to 20%.
High property taxes put pressure on homeowners in Northampton County.
Many consumers bought their homes years ago, now inflated tax assessments are reducing discretionary income further. How much can families truly handle?
In a comment to the Carolina Journal, Sen. Michael Lazzara, R-Onslow, explained that the tax benefit has become less impactful as property values have risen. He expressed optimism about the bill moving forward this year, noting that it will not impact the state’s tax revenue.
When it comes to fostering new businesses, North Carolina is doing better than average — but not as well as we could be. That’s a fair reading of the latest Indicators of Entrepreneurship report from the Ewing Marion Kauffman Foundation. Its composite index ranked North Carolina 15th in the nation last year in entrepreneurial activity....
